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June 24, 2009

Atlantic Yards MTA Bailout: Tabloid Edition

The city's tabloids weigh in on today's straphanger-funded MTA bailout of Bruce Ratner's Atlantic Yards project.

NY Post, MTA APPROVES ATLANTIC YARDS BAILOUT PLAN

Bruce Ratner got his own MTA bailout today.

The agency approved a plan for Brooklyn's controversial Atlantic Yards project that lets the mega-developer pay off $100 million he owes the agency over 22 years.

The deal -- okayed after a heated three hour meeting at MTA headquarters in Midtown -- also allows him to shave off more than $100 million of the $345 million in transit improvements he had promised.

NY Daily News, MTA signs off on sweet Atlantic Yards deal Bruce Ratner: Money down drops from $100M to $20

The 10-2 approval lets developer Bruce Ratner off the hook for his $100 million cash payment for Brooklyn's Vanderbilt Railyards, part of the site for his planned new arena.
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If Ratner couldn't proceed without help, the critics said, the MTA should have looked for other developers.

Posted by eric at June 24, 2009 2:53 PM