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June 23, 2009
Atlantic Yards Developer Agrees To MTA Payment Plan
NY1 News
The "through the looking-glass" award goes to NY1, whose headline would have gotten a big accuracy boost had it read "MTA Agrees To Atlantic Yards Developer's Payment Plan."
The MTA reached a new deal Monday with the developer of the controversial Atlantic Yards project.
Instead of paying $100 million all at once for the nine acre site, developer Bruce Ratner will now pay $20 million up front and make additional payments for the next 21 years.
Ratner asked for the new deal because of the slumping economy.
It also scales down Ratner's requirements to build a replacement yard for the Long Island Rail Road.
Posted by eric at June 23, 2009 5:42 PM