« Forest City disclosures: AY delayed, risky, depends on more subsidies | Main | Midtown Mews: A Garden of Eden Grows in Manhattan »
April 1, 2008
NO FOOLIN': April 1 must-reads
If you read two Atlantic Yards stories today, check out these news-breaking items from Atlantic Yards Report and Brownstoner:
Atlantic Yards Report, Forest City disclosures: AY delayed, risky, depends on more subsidies
Corporations are required by law to be more forthcoming with their investors than state agencies are with the taxpayers. That's why a more accurate picture of the status of Atlantic Yards might be gleaned from reports to investors.
Norman Oder not only combs the reports released yesterday for clues, but compares them with the previous year's statements.
Brownstoner, Docs: Low Disclosure Req'd From Ratner For ED Seizure
Reporter Sarah Ryley is still finding some very interesting stuff in the recently released NY State Funding Agreement for Atlantic Yards, specifically that Forest City Ratner need only submit the financing plan for THE ARENA in order for eminent domain to be executed on properties in the ENTIRE 22-ACRE FOOTPRINT. [Really, no foolin'!!!]
Ryley wrote:
Bruce Ratner would only be required to show his financing plan for the Atlantic Yards arena, not its office and residential towers, for the state to seize property and leases spread across the project's 22-acre footprint. According to the recently released AY funding agreement, "Prior to, or simultaneously with, [Empire State Development Corporation] acquiring title to any portion of the Project Site by condemnation, Developer or its Affiliates shall (i) provide a financing plan, subject to the reasonable approval of ESDC, for the financing of the Arena, and (ii) cause the closing to occur under the acquisition contract for the LIRR Vanderbilt Yard."
Develop Don't Destroy Brooklyn's Dan Goldstein says that, "It's crazy, it's unethical."
Spokesmen for Forest City and Empire State Development Corporation assure the public that the entire project's financing plans have been submitted (which btw, if they really have been, they've never been released in full) and that the rest of the project will be delivered.
Posted by lumi at April 1, 2008 6:31 AM