« The first ESDC stamp of approval | Main | A Post That is Just a Bit Montesquieued »
November 11, 2009
Ratner: Atlantic Yards Is Not a Public Project
The Huffington Post
by Daniel Goldstein
"We don't need no badges. I don't have to show you any stinkin' badges!" DDDB's Daniel Goldstein reveals the essential truth behind this week's testy declamation by Bruce Ratner, who's got the federales, er, well, at least the ESDC, on his side.
"Why should people get to see plans? This isn't a public project."
— Bruce Ratner discussing Atlantic Yards in Crain's Nov. 8, 2009
Forest City Ratner is the Brooklyn-based division of Cleveland-based Forest City Enterprises which is a publicly traded corporation listed on the New York Stock Exchange (FCEA). Bruce Ratner is its CEO.
FCE is not a charity or a non-profit organization. Like any other publicly traded corporation they endeavor to make profits to increase shareholder value. They do this through development deals always infused with large taxpayer subsidies and gifts, which often benefit from eminent domain powers used by political friends. Broadly speaking, they are corporate welfare kings and eminent domain addicts. As such, they have served their shareholders well.
So when Bruce Ratner told Crain's that Atlantic Yards is not a public project, and demanded to know why people should get to see his plans for the project—he wasn't kidding, it's not a public project.
By nearly every standard Atlantic Yards is, indeed, a private project. But Ratner's honest, foot eating comment could not have pleased his public relations people or attorneys who have spent six years trying to convince politicians, the public and courtrooms that Atlantic Yards is a great public project, a grand civic gesture out of the goodness of the corporation's heart.
Posted by eric at November 11, 2009 1:14 PM