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June 30, 2009
Ratner's bailout and the Barclays Bank subway station
The Examiner
By Bernie Mooney
While subway riders have to dig into their pocket for an extra quarter, the MTA handed Atlantic Yards developer Bruce Ratner a multi-million dollar bailout.
For the last few years the MTA has cried poor mouth and insisted that a fare hike was needed to help their budget deficit. Yet, last Wednesday they voted to redo the Atlantic Yards deal by allowing Ratner to cough up only $20 million of the $100 million lump sum that was agreed to in 2006 for development rights to the site. The balance owed will be paid over the next 22 years.
They also relieved him of his $200 million obligation to make infrastructure improvements to the Vanderbilt rail yards in Prospect Heights.
Posted by lumi at June 30, 2009 5:53 AM