« Letter to MTA Requesting A Postponement On Vanderbilt Yards Decision | Main | N.Y. officials ask MTA to postpone decision on Atlantic Yards »
June 20, 2009
Electeds Call On The MTA To Postpone Vote On Ratner Sweetheart Deal
Atlantic Yards Report, Brennan, other elected officials urge MTA to delay June 24 vote, say hasty decision may hurt transit system
In a letter sent yesterday, seven elected officials asked Metropolitan Transportation Authority (MTA) Acting Executive Director Helena Williams to delay the June 24 vote to modify the deal with Forest City Ratner for the Vanderbilt Yard, saying a "hasty decision may be detrimental to the needs of the transit system" and that the public and elected officials "should have a fair opportunity to present their views."
Rather than pay the full $100 million in cash promised, Forest City Ratner has reportedly offered $20 million for the segment of the railyard needed for the arena block, with the rest to be paid later. Details have not been confirmed.
...
In the letter, the officials not only asked for details of Forest City Ratner's proposal but also questioned whether the MTA was obtaining fair market value for its assets, as required by law.
They also referenced the letter sent earlier in the week by Sen. Bill Perkins asking tough questions about the deal, including why a new bidding process and a new appraisal were not considered.
The Observer, Electeds Want Delay on M.T.A. Atlantic Yards Vote
By Eliot Brown
A group of seven state and local elected officials are trying to thwart an M.T.A. board vote scheduled for Wednesday on the $4 billion Atlantic Yards project, seeking to delay the agency’s final approval for the project, which includes a new arena for the Nets in Brooklyn.
The officials’ consternation comes as the M.T.A. is expected to recommend a deal in which developer Forest City Ratner gives less upfront cash than it initially agreed to—it previously committed to $100 million, all at the closing—as well as a scaled-back rail yard the developer pledged to build.
...
The project—which now calls only for an arena at first and has dropped architect Frank Gehry—is also scheduled to come up for review at a Tuesday board meeting of the state's main development arm. That agency, the Empire State Development Corporation, would vote on the modified plan, then take public comment and likely would need to vote again. An ESDC spokesman said the agency's position is that the project does not need to gain approval from the Public Authorities Control Board again.
Update 4:12 p.m.
The M.T.A. will actually first address the new deal Monday before the board's finance committee, according to agency spokesman Jeremy Soffin. In an e-mail, he said, should the agreement be finalized over the weekend, it would go before the committee as "an informational item," before a "potential vote on Wednesday."
Star-Ledger, New York politicians urge MTA to delay vote on New Jersey Nets' Atlantic Yards project
Bruce Ratner's Atlantic Yards project needs approval from state authorities before it can break ground this year.
The New Jersey Nets potential move to the Atlantic Yards site in Brooklyn could hit another snag this week. Elected New York officials are urging the Metropolitan Transportation Authority not to approve the project yet, according to a report by The Record.
Nets executives are trying to expedite the process of state approvals so the team can break ground on the facility before this year is over. New York state Sen. Bill Perkins, D-Manhattan, wrote a letter to the MTA, demanding that citizens know "the MTA is not granting sweetheart deals to developers at the expense of taxpayers."
The MTA board of directors will vote on Wednesday whether to approve the plans.
Posted by steve at June 20, 2009 9:34 AM