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June 22, 2009

MTA throws the "switch" on Vanderbilt Yard

Acting New York State Governor Ratner has just instructed the Metropolitan Transportation Authority to restructure the terms of his deal for the Vanderbilt Yard, and — you'd have never guessed — those terms are sweeter than ever before.

MTA acting executive director Helena Williams has okayed a "staff summary" from MTA Finance head Gary Dellaverson, laying out the "renegotiated" terms for the sale of the Vanderbilt Yard to Forest City. Those new terms include just $20 million down for the portion of the railyard on which the arena would sit, and a ridiculously extended payment schedule for the remaining $80 million for the balance of the yard: a "down payment" of 10%, payable in $2 million installments on the first of June of 2012, 2013, 2014 and 2015, and then 15 subsequent payments of $11,033,357, with Forest City's obligation being fulfilled on June 1, 2030, by which time acting Governor Ratner will be 85 years old.

Oh, but Ratner will pay the MTA $200,000 per year to have the name "Barclay's Center" [sic] affixed to the Atlantic Avenue/Pacific Street subway station. No word as to whether they might up the payment to $250,000 per year to have "Barlcays" spelled correctly.

Did we mention that the replacement railyard will consist of just seven tracks with capacity for only 56 cars, rather than Ratner's promised nine tracks and 76-car capacity?

Click on the following link for all the gory details: Download file [PDF]

NoLandGrab: Special prize to any NLG reader who can email us with the identity of any actual "public benefit" of the Atlantic Yards project.

Posted by eric at June 22, 2009 2:04 PM