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May 20, 2009
The AY endgame? The deadline for tax-free bonds, the impact of lawsuits, and Atlantic Lots
Atlantic Yards Report
Two articles published yesterday give some hints of the Atlantic Yards endgame, including an effort by developer and Forest City Ratner (FCR) and the Empire State Development Corporation (ESDC) to gain additional subsidies (and to delay developer obligations), and plans by opponent Develop Don't Destroy Brooklyn (DDDB) to file more lawsuits, none of which may block the issuance of tax-free bonds by the December 31 deadline.
Also hinted is a plan by the ESDC to issue a revision of the Modified General Project Plan (GPP), which would describe a new timetable and offer new financing numbers and could--I believe--trigger an additional public hearing in the summer or fall.
You can be sure that any additional hearing — should one be mandated — would be scheduled around the last week in August, in an attempt to minimize public participation.
Meanwhile, another front has been opened in the legal war.
Also, I learned yesterday, there's a hearing June 8 in state Supreme Court on a motion filed on behalf of residents in two buildings in the AY footprint, who ask that a decision against them be vacated and that a new ESDC hearing be held, given questions about project benefits and timetable.
A motion filed by attorney George Locker pointed to ESDC CEO Marisa Lago's acknowledgement that the project could take "decades":
As of April 8, 2009, the evidence is clear that ESDC believes that Atlantic Yards is a project that will take decades. This is an enormous change from the 10-year project that was approved in 2006. ESDC should be directed to hold a public hearing on all of the changes.
Posted by eric at May 20, 2009 10:33 AM