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March 2, 2008
With Recession in the Wind, Local Mega-Projects Scale Back and Slow Down
NY Sun Blogs: Culture of Congestion
Sandy Ikeda
Recent postings in the blog "Atlantic Reports" have noticed an apparent scaling back in the description of the Atlantic Yards development — the proposed future home of the Brooklyn Nets and an enormous Frank Geary-designed mixed-use complex.
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A related article in the same issue of the Brooklyn Paper reports that federal funding for so-called below-market or below-cost residential units is drying up. It would take $7 billion of federal money to build all of the projects currently proposed in the state of New York, but only $1.33 billion was granted (in bonds) in 2007, with no change expected in 2008. Apparently, if the funding for these units doesn't come through, none of the 2,250 units will get built, and Mr. Ratner will have to pay a $500,000 penalty for going back on his promise. Evidently, the rest of the multi-billion dollar mega-project will go on as planned without further consequences.
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NoLandGrab: We prefer to get our news directly from the "Atlantic Yards Report" so that we know stuff...like that the $500,000 penalty only applies to job training obligations. That damn "Atlantic Reports" blog is wrong every time.
Posted by amy at March 2, 2008 10:46 AM