« MTA approves deal 10-2 despite warnings from Brennan, Straphangers, RPA; DDDB offer disdained; see video of testimony and board justifications | Main | Bailouts and more bailouts »

June 25, 2009

Naming Rights... or Wrongs?

Metropolitan Transportation Authority Chairman H. Dale Hemmerdinger (who was recently sued by two family members who accuse him of bilking them out of millions of dollars), made a big deal at yesterday's MTA board meeting about the deal to append the name Barclays to the Atlantic Avenue/Pacific Street subway station:

"We’ve been trying to make money off naming rights for quite a while. This is the first time we’ve been successful... It’s a very important point."

It sure is an important point. Because all the MTA had to do to be "successful" in selling naming rights to the station for $4 million over 20 years was to throw in development rights to an eight-acre railyard for $114.5 million less than the MTA's own appraisal, reduce the down payment for said yards by 80%, and extend the payment terms by 22 years at a below-market interest rate.

With that kind of "successful" sale, we can expect the MTA to be coming back to the taxpayers for another of their own massive bailouts very soon.

NY Times DealBook Blog, No Sleep ‘Til … Barclays?

To determine its asking price for the Brooklyn station, the authority studied a few successful efforts, like a monorail in Las Vegas named for Nextel, the communications company, and streetcars in Tampa, Fla., named for a local electric utility. And the popularity of the station — the second-busiest in Brooklyn last year — was taken into account.

“It’s grounded in reasonable business practices,” Mr. Banks told The Times.

NoLandGrab: You can be sure that any determination of the "asking price" was done by Bruce Ratner. "Reasonable business practices," indeed.

Banking Times, Barclays to become New York subway stop

The Metropolitan Transportation Authority (MTA) is in the process of approving a $4 million deal to rename a stop in Downtown Brooklyn, close to the proposed Barclays Center.

The centre, which includes a sports arena, forms part of the Atlantic Yards regeneration project, currently under development.

NLG: "Regeneration project" is actually an accurate term. A starfish that loses a couple of arms can grow them back. A neighborhood that gets leveled by a "developer" can come back, too, but with no timetable for the bulk of the project, that neighborhood maybe de disfigured for a long, long time.

DallasPenn.com, The Travesty Of The Transit Authority Trollups…

Hip-hop blogger Dallas Penn sees through the smokescreen.

Like I just said to you earlier, I LOVE new construction. This is what keeps my lights on and my sneakers crispy. That is until Mountain Dew cuts me a check (prA’li in Nevuary 3009). The Atlantic Yards is an expansive site that needs consideration, and not the reckless whoring that the MTA is providing. Keep in mind that the things that make this city great are her infrastructure (roadways, waterways) and her transit system (buses, subways, commuter rails). These things move us through the city expeditiously and safely. Since the Forest City Ratner plans have little consideration for these elements the plans should be reconsidered.

Barclays Bank, Forest City Ratner’s underwriter, is offering the MTA 200K per year to rename the Atlantic Avenue transportation hub ‘Barclay’s Center’ for the next twenty years!?! The only two words that accurately sum up that proposal are “Negro Please”. The prA’li link is still up and running. I wonder if we could raise that same amount of cash to rename the Franklin Avenue station “MTA Kiss My Grits”?

The Brooklyn Paper, Next stop! Barclays Station

Posted by eric at June 25, 2009 11:15 AM