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December 31, 2009
According to bond deal, in absence of Urban Room, Ratner can leave temporary canopy over new subway entrance for ten years
Atlantic Yards Report
Remember, a new subway entrance is supposed to be built on the south side of Atlantic Avenue--but it won't be enclosed in the Urban Room, because the latter structure is depending on Building 1, the office tower for which, as Bruce Ratner told Crain's, there's no timetable.
According to the Barclays Center Official Statement, prepared by Goldman Sachs for the tax-exempt bond deal, a document called the Transit Improvement Agreement--yet unseen--gives the developer (via a subsidiary termed, in shorthand, RailCo) ten years to house the entrance in a temporary canopy before the Metropolitan Transportation Authority would build a permanent one at the developer's expense.
In other words, they have a decade to construct Building 1.
Posted by eric at December 31, 2009 10:26 AM