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July 4, 2009
Court to hear yards case
Courier-Life
By Stephen Witt
This article makes reference to the alleged public benefit of affordable, although the majority of so-called affordable units (most not affordable to low-income Brooklynites), are scheduled for Phase 2 of the proposed Atlantic Yards project. Nobody can say when Phase 2 might be built.
The state’s highest court agreed last week to hear the Atlantic Yards eminent domain case.
The Court of Appeals decision comes about a week after developer Forest City Ratner Companies received two greenlights for its 22−acre arena⁄housing plan at the Flatbush and Atlantic avenues intersection.
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The high court’s decision comes after the state appellate court ruled unanimously in May for the state to condemn property to make way, in part, for affordable housing.
“This case provides an opportunity for the New York Court of Appeals to continue its proud tradition of interpreting this State’s Constitution in a manner that affords more protection to individual rights and liberties,” said Matthew Brinckerhoff, the lawyer representing the appellants.
Please notice how the following sentence tries to up the percentage of affordable units by saying that 50% of rental units will be affordable. If there are 6,000 units in all, then 2,250 affordable units would make up 37% of the total.
The planned project includes an arena to house the NBA’s Nets, and about 6,000 residential units with half the rental units (2,250) being reserved for low− and moderate−income housing.
The Court’s decision came after the MTA last week voted to sell the eight−acre Vanderbilt Rail Yard portion of the project.
Under the deal, FCRC will pay $20 million down for the arena and four buildings (phase 1 of the project), and a remaining $80 million with interest over 22 years as it proceeds with the rest of the project.
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FCRC needs to finance the project and begin construction by Dec. 31 to qualify for tax−exempt status, which would save the company millions of dollars in borrowing costs.
In order to do this, the company intends to sell about $650 million in bonds for the arena in late September, according to published reports.
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The ESDC also announced a 60−day public comment period complete with hearings on the modified general project plan.
The hearings are slated for July 29 and 30 with two sessions for each hearing − an afternoon hearing between 2−5 p.m., and an evening session from 6−8 p.m.
The hearings will take place at the New York City College of Technology’s Klitgord Auditorium, 285 Jay Street.
Posted by steve at July 4, 2009 5:59 AM