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April 1, 2008
ESDC explains that AY time frames were "negotiated," second phase is "under negotiation"
Atlantic Yards Report
So why exactly did the Empire State Development Corporation (ESDC) allow such flexible time frames for the construction of the Atlantic Yards arena (6+ years), the first phase of five towers (12+ years), and the rest of the project (deadline unknown)?
I would've expected someone to follow up last week after the news broke, but since no one did, I queried ESDC.
Spokesman Warner Johnston replied via email:
"We expect the arena and phase 1 to be completed before the outside deadlines. Nevertheless, acknowledging that complex projects are often delayed due to external factors (including market conditions) we determined it was reasonable to provide the developer with flexibility. Those time frames were negotiated. There will be an outside deadline for phase 2. It is presently under negotiation."
Now it's not unreasonable to acknowledge that complex projects are often delayed. But why, then, did the ESDC's General Project Plan, approved just nine months before the funding agreement was signed, "anticipate" that the whole project would take only a decade?
Posted by lumi at April 1, 2008 6:26 AM