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November 18, 2009
Under authority reform bill expected to be passed, below-market land sale by MTA (as in AY?) would be precluded
Atlantic Yards Report
The New York Observer reports that Assemblyman Richard Brodsky and state Senator Bill Perkins have achieved success in their effort to reform public authorities, with apparently only modest pushback from Mayor Mike Bloomberg and others resisting the changes.
...AY precluded?
While it might sound like it would preclude a project like Atlantic Yards, I'm not certain: it depends on who's doing the accounting, and how.
After all, though Forest City Ratner's cash bid was well below the appraisal, the MTA calculates the entire value of the bid, including transit system improvements, as well over the appraisal. The key is that the MTA apparently believes that its appraiser did not appropriately calculate the cost of a building a deck over the railyard.
NoLandGrab: Regardless of the bearing on Atlantic Yards, Assemblyman Brodsky and Senator Perkins should be applauded for introducing a wee bit of good government into Albany.
Posted by eric at November 18, 2009 11:33 PM