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December 3, 2008
Ratner and ACORN: Quid Pro Quo Pros
Develop Don't Destroy Brooklyn notes that Atlantic Yards developer Bruce Ratner and ACORN are pros at quid and quo:
ACORN has continued its undying, unconditional support of Bruce Ratner's Atlantic Yards project even though there is barely any talk of affordable housing any more, let alone construction of any. (Yes, ACORN's contract with Bruce Ratner requires this support and promotion of the project, but only up to a certain point.)
What does ACORN get in return?
Answer: A $1 million low-interest loan and a $500K grant.
Since Ratner has been willing to help bail out ACORN, and has never given a gift of this magnitude to his partner, presumably ACORN and the interim chief organizer of the national group Bertha Lewis (also executive director of New York ACORN) will continue to support and promote the Atlantic Yards project no matter how putrid it becomes.
Develop Don't Destroy Brooklyn also highlights a point made by Norman Oder in Atlantic Yards Report:
While Forest City Ratner is quick to trumpet its support for local community events, it has not publicly announced its gift to ACORN.
NoLandGrab: Ratner's and ACORN's instincts were spot on in this case, since a $500K gift and million-dollar loan isn't great for public relations.
One can't help wondering how Forest City Enterprises executives in Cleveland and institutional investors feel about Cousin Bruce's boondoggle gone bust. $1.5 million has gotta be sucking some wind out of the company's balance sheet.
Posted by lumi at December 3, 2008 6:04 AM