May 12, 2009
State Senator Perkins sets oversight hearing on Atlantic Yards for May 29
Atlantic Yards Report
After one postponement and some questions as to timing, the oversight hearing regarding Atlantic Yards has been scheduled by the Senate Standing Committee on Corporations, Authorities and Commissions, chaired by Senator Bill Perkins, for the afternoon of Friday May 29.
I've posted several questions/issues I think the hearing should address, and will be posting more.
Among the issues to be covered in all of four hours: the current status of the project; the public cost; the process behind and impact of eminent domain; the cost of the arena and impact of default; and conditions under which a developer is considered in default.
Looking at the timetable
Note that the announcement states that the Empire State Development Corporation (ESDC) gave Forest City Ratner Companies (FCRC or FCR) 10 years to develop the project but the developer has not begun construction almost three years after gaining approvals.
Well, given that approvals from the ESDC and Public Authorities Control Board (PACB) came in December 2006, the time lapse is about 2.5 years.
More importantly, the timetable, according to the State Funding Agreement, hasn't even started. It gives FCR six years to build the arena after the close of litigation and the ESDC's exercise of eminent domain to acquire needed properties. It gives FCR 12 years to build the five towers of Phase I after the close of litigation and the ESDC's exercise of eminent domain to acquire needed properties. And there's no timetable for the eleven towers of Phase II.
Posted by eric at May 12, 2009 11:03 AM