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June 5, 2009
State Senator Perkins Hosts First Hearing on Atlantic Yards
Our Time Press
by Mary Alice Miller
Helena Williams, president of the Long Island Railroad and the interim executive director of the Metropolitan Transportation Authority, touted Atlantic Yards’ benefits to public transportation system: new rail yards, a new subway entrance for the arena, and new tax revenues (based upon the assumption that fans from NJ would come to Brooklyn to see the Nets). After intense questioning, Williams admitted the original 2006 deal for Ratner to pay MTA $100 million for the Vanderbilt rail yard would have to be modified due to the current economic climate. When pressed if it would be closer to $50 million, Williams said there may be an upfront payment of $20 million with incremental payments as MTA parcels are consumed by the project. In addition, the new rail yard would be downscaled from nine to seven rails to reduce costs. A final determination is expected when the MTA holds its next board meeting on June 24.
NoLandGrab: Given the radical new undesign of the Conseco Fieldhouse, um, new Barclays Center, is that "new subway entrance for the arena" even in the cards anymore? Is there any benefit to the MTA at this point?
Posted by eric at June 5, 2009 2:26 PM