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June 23, 2009
DDDB, Latest News: Kabuki, Mockery and Malarkey
And Now for Season Six Act Two of the Atlantic Yards Kabuki
Develop Don't Destroy Brooklyn calls it "kabuki," but it may be more like the theater of the absurd — today developer Bruce Ratner's new plan is to be annointec by the ESDC:
Today, June 23. 9am
Empire State Development Corporation (ESDC) Board Meeting
at ESDC offices, 37th Floor, 633 Third Avenue (40-41) in Manhattan.The ESDC Board is expected to present and adopt a modified General Project Plan for Atlantic Yards, triggering a 60-day comment period.
Members of the public who wish to attend the meeting are instructed to RSVP to (212) 803-3760.
(If you get a voicemail, leave your name and phone number and that you will attend the board meeting.)
MTA's New Deal Ratner Makes Mockery of MTA's Fiduciary Duties
[T]his is the key moment from today's Finance Committee "deliberations"...:
Board member Doreen Frasca asked why the committee and board were being given less than 48 hours to review the deal and called it "pretty outrageous."
"It relates to Forest City Ratner's desire" to market the tax-exempt bonds, [MTA Chief Financial Officer Gary] Dellaverson said of the approval process. "That's the primary driver of the timing."
Get that? The Metropolitan TRANSPORTATION Authority is rushing a bailout for Forest City Ratner not because of some urgent transit need or urgent need for revenue but, rather, out of concern for Forest City Ratner's ability to issue bonds.
Ratner said in a statement Monday, "While the world has changed significantly since Atlantic Yards won public approval in December 2006, and we are trying to adapt to those changes, the project and the project benefits, including the arena, the jobs and the affordable housing will remain the same."
The world has changed, but everything remains the same? What malarkey. Bruce, you're a land speculator not a magician.
Posted by lumi at June 23, 2009 5:03 AM