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December 18, 2009
Master closing scheduled for December 23, but ESDC won't release deal documents (penalties, incentives) for at least a week
Atlantic Yards Report
A master closing involving the Metropolitan Transportation Authority, Empire State Development Corporation (ESDC), and developer Forest City Ratner is expected to be held next Wednesday, December 23.
But the ESDC tells me that the documents won't be made publicly available until a week or two after the closing.
That's backwards, isn't it?
Fine print important
Keep in mind that contract documents, rather than the more aspirational and vague Final Environmental Impact Statement and the Modified General Project Plan, are where we get to see the real oversight of the project.
The State Funding Agreement, which was signed in September 2007 but didn't surface until March 2008, gave FCR up to a dozen years (after the delivery of property by eminent domain) to build Phase 1 of the project without penalty.
And the City Funding Agreement, which also was signed in September 2007 but wasn't revealed until April 2008, allowed the developer to build a project 44% smaller than planned.
NoLandGrab: You may have heard this from us before, but, at the risk of repeating ourselves, if the Atlantic Yards project is all it's cracked up to be, why all the secrecy?
Posted by eric at December 18, 2009 10:52 AM