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March 7, 2008
Your Tax Dollars Hard at Work For Bruce Ratner
Develop Don't Destroy Brooklyn, Your Money for Ratner's Buyouts
DDDB emphasizes the significance of the story, first revealed on Atlantic Yards Report, of how the City has disbursed $55 million to Bruce Ratner.
It is our understanding (as spelled out so many years ago in the Memorandum of Understanding) that some of that $40 million is to reimburse Forest City Ratner for so-called "site acquisition." Do you know what this means? It means one of the following:
-NYC taxpayers are reimbursing Bruce Ratner for buyout payments he made to property owners under the threat of eminent domain, or;
-NYC taxpayers are contributing to Forest City Ratner's lowball purchase price ($100 million) for the MTA's Vanderbilt Rail Yards.
Crain's New York, Atlantic Yards secures $55M in public funding
Crain's New York repeats the story uncovered by Atlantic Yards Report's Norman Oder:
After months of contention about whether the city’s Economic Development Corp. had completed funding agreements with Forest City Ratner Cos. for its controversial $4 billion Atlantic Yards project, city officials finally confirmed that at least $55 million in public funding has been distributed to FCRC.
Posted by steve at March 7, 2008 6:07 AM