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May 5, 2008
Fine distinctions on Atlantic Yards
Crain's New York Business [subscription required]
Atlantic Yards opponents omit key details when criticizing the project's city subsidies, supporters say.
Developer Forest City Ratner Cos. can use the city's $100 million to buy but not condemn land,and only in tandem with its own investment. Officials say Forest City must repay the money if it doesn't finish the first phase on time, and would still be obligated to create 1,800 apartments, 35% of them affordable. Critics also mischaracterize $105 million in city infrastructure work as a subsidy. Though listed under Atlantic Yards in the city budget, the work is not part of the development.
NoLandGrab: So far as we can tell, the "supporters" cited by Crain's must be Crain's itself. And call us crazy, but we're betting that $105 million in infrastructure work that's "not part of the development" might not be taking place if Bruce wasn't razing the existing neighborhood in order to build his own.
Posted by eric at May 5, 2008 10:35 AM