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May 22, 2009
DDDB PRESS RELEASE: Ratner Losing Mayor's Support for Atlantic Yards
Bloomberg Pulls Plug on More Subsidies for Project
New York, New York – New York Mayor Michael Bloomberg said on Wednesday that the city would not give additional taxpayer subsidies to developer Bruce Ratner for his proposed Atlantic Yards project in Brooklyn.
Ratner has been lobbying the city over the past many months for more taxpayer subsidy, on top of the $205 million in direct taxpayer cash the city has committed to the developer’s beleaguered project.
The Brooklyn Paper broke the news about the Mayor’s comments:
"We've done everything,” he said in response to a reporter’s question at his daily availability on Wednesday. “We’re going to have a tough time surviving balancing our budget."
The mayor did add that the city needs the project, but said, "We’re not putting money in any of these projects. We're going to invest our money in better schools and in safer streets and in better parks and everything else."
"From the sound of the Mayor’s comments, Bruce Ratner has lost the Mayor's support for Atlantic Yards. Ratner was desperate for more money from the city, his rejection is a big blow for the project's viability," said Develop Don’t Destroy Brooklyn spokesman Daniel Goldstein. "We applaud the Mayor for not allowing any more taxpayer money to feed the Atlantic Yards money pit. The Mayor rightfully sees far greater priorities for investment than Ratner’s failing Atlantic Yards project, an $800 million luxury arena where there is an arena glut, and broken promises to construct 'affordable' housing."
The city had committed to a $205 million direct taxpayer subsidy to the project, a portion of the well over $1.5 billion in taxpayer and government backed financing, breaks, exemptions and sweetheart land deals. It is unclear how much the City has already paid Ratner, but $100 million of the $205 million inexplicably reimburses Ratner for the properties he bought under the threat of eminent domain on the project's "arena block,” giving him all of that valuable land nearly for free.
DEVELOP DON'T DESTROY BROOKLYN leads a broad-based community coalition fighting for development that will unite our communities instead of dividing and destroying them.
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Posted by eric at May 22, 2009 8:41 AM