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June 13, 2008

The Times says Ratner was optimistic about AY timetable--well, so was the state

Atlantic Yards Report "oderizes" a subtle, though rather important, detail from today's NY Times:

From an article in today's New York Times, headlined A Question Mark Looms Over 3 Expensive Projects:

When the project was approved in December 2006, Mr. [Bruce] Ratner optimistically indicated that its first phase — the arena, an office tower, a retail complex and three residential buildings — would be completed by 2010. But under a financing agreement completed nine months later, he was given 12 years to complete the first phase.

Actually, it wasn't just Atlantic Yards developer Ratner who indicated that the first phase--five towers rather than the current four--would be completed by 2010. That was the foundation of the Empire State Development Corporation's environmental impact statement and General Project Plan.

The State Funding Agreement gives the developer 12 years after the close of litigation and the delivery of property via eminent domain to build Phase 1--and the City Funding Agreement allows it to be smaller than planned, without penalty.

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Posted by lumi at June 13, 2008 6:06 AM