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.
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.
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.
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