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January 6, 2009
Will December 19, 2009 be the decision date for Atlantic Yards? It depends on "reasonable steps"
Atlantic Yards Report
A reader reminds me that I didn't read all the fine print before posting today on the future of Atlantic Yards in 2009. After all, a state document sets up December 19, 2009 as a decision date--but maybe not a final one.
Target: December 19
The State Funding Agreement, as I wrote last March, sets up an "Effective Date," defined as when litigation... shall have been sufficiently concluded so as to permit such financing and construction to proceed.... [and] ESDC has acquired and delivered vacant possession of the Project Site.
That could take a while, especially if George Locker's timetable moves litigation into 2010.
If the Effective Date does not occur prior to December 19, 2009 and Forest City Ratner fails to pursue or cooperate in the site litigation or take "reasonable steps, (including advancing design work and other predevelopment activities)" in furtherance of the project, it "will be deemed abandoned," and the ESDC will get its money back.
Is that likely? I'm not so sure.
Posted by eric at January 6, 2009 7:02 PM