« As AY endgame approaches, would judges stop the MTA/ESDC from proceeding? Or might the pending cases affect bond sale? | Main | The 15-year time horizon for a project less than one-third the size of AY »
October 21, 2009
Foes of Bruce Ratner and Atlantic Yards hope to run out the clock before ground is broken
NY Daily News
by Erin Durkin
Atlantic Yards opponents who filed two new lawsuits in recent days are hoping to run out the clock on developer Bruce Ratner's project, which must break ground by a year-end deadline.
The two suits, one filed last week and the other on Monday, come as Ratner tries to sell $650 million in bonds and start construction on a new arena for the NBA's Nets by Dec. 31 or lose crucial tax-exempt financing.
Jeff Baker, a lawyer for the 20 neighborhood groups that filed the suit, said they'd ask for an injunction to stop Ratner from breaking ground.
The suit charges that the Empire State Development Corp. broke the law when it approved a revised plan for the $4.9 billion project, which also includes 16 apartment and office towers.
"The ESDC cut corners in order to rush Ratner's project forward for an end-of-year IRS deadline," Baker said, adding the agency "willfully stuck its head in the sand." Plaintiffs say the plan has changed so much that ESDC officials were required to do a new environmental study before voting.
More coverage...
Atlantic Yards Report, The Daily News catches up on the lawsuit story
Posted by eric at October 21, 2009 9:38 AM