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June 24, 2009
Three from WNYC
The Skinny on the New Atlantic Yards Project
Two state agencies are spending this week revising the deal that would bring the Nets basketball team and a massive real estate development, to Brooklyn.
The board of the MTA is expected to vote this morning on a new payment schedule, that would allow the developer to put only $20-million down on the project, instead of a promised $100-million up front. And yesterday, the state economic development agency gave a preliminary green light to that plan.
Atlantic Yards Hearing Draws Overflow Crowd
A grassroots group opposed to Atlantic Yards, Develop Don’t Destroy Brooklyn, has made a last-ditch move to avert the rail yard sale. The group’s spokesman Daniel Goldstein offered $120 million dollars for the rail yard which is $20 million dollars more than Ratner has proposed.
Goldstein said afterwards that the group would form a trust that would sell off the land and development rights to developers. He said he was confident that the trust would be able to pay the full amount in 12 years, while Ratner would take 21 years.
MTA to Vote on New Atlantic Yards Plan
ESDC originally planned to buy rights to the entire nine-acre rail yard all at the same time, and then lease them, also all at the same time, to developer Ratner.
Now, Ratner wants to acquire the rail yard in pieces, the first this year or next, the other perhaps not until 2016. That gives the economy time to recover and the developer a better chance of raising the money he needs.
For the 62 people who still live in the footprint, however, the news is the same: they will have to move in the coming months, or be forced out through eminent domain.
Posted by eric at June 24, 2009 12:44 PM