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February 26, 2009
Atlantic Yards is Not in Compliance With The ARRA and Faces Enormous Statewide Competition
Develop Don't Destroy Brooklyn explains why, according to state and federal regulations governing the economic stimulus package, Bruce Ratner's ailing Atlantic Yards project does not qualify, no matter how much money the developer spends on lobbyists.
Forest City Ratner is lobbying for a bailout of Atlantic Yards from the stimulus bill.
But there are two big strikes against this effort that are not in compliance with the American Recovery and Reinvestment Act:
- Atlantic Yards is not shovel-ready according to the bill's provisions.
- Atlantic Yards is a no bid project. The bill does not allow this.
During the "Leaders Briefing on Economic Recovery" Timothy Gilchrist, head of the Economic Development Recovery Cabinet, laid out in detail the procedures and qualifications by which stimulus money will be apportioned.
Mr. Gilchrist said that there are statewide requests for infrastructure projects valued at $14 billion and $4 billion in stimulus funds available for the state. He said that the"Recovery Cabinet" and State agencies had identified over 1,900 projects in early January valued over $11 billion. Since that time an "equal number of projects had been identified" by agencies and municipalities valued around $3 billion, including about 200 projects "in the last few days."
Some will be eligible, he said, and some won't.
Is Atlantic Yards on that list? So far, it does not appear to be, but the lobbying must be intense.
Posted by lumi at February 26, 2009 4:27 AM