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May 16, 2011

Saving six figures: likely one reason Forest City Ratner hasn't yet fulfilled the obligation to hire an Independent Compliance Monitor for the CBA

Atlantic Yards Report

As I described 11/29/10, Forest City Ratner has claimed, dubiously, that it didn't have to hire an Independent Compliance Monitor (ICM) to provide a credible outside analysis of the Community Benefits Agreement (CBA), despite provisions in the document, signed 6/27/05, to hire one "[a]s soon as reasonably practicable."

"It didn't actually go into effect until we broke ground for the arena," Forest City Ratner executive Jane Marshall claimed last fall. Of course the developer had been proudly reporting some figures--such as minority contracting--all along.

One reason for that reticence, as I've suggested, may be that such an ICM might do its job.

Tight budget

Another may be simpler: Forest City Ratner keeps a close watch on its spending, and every six-figure sum it saves makes a difference.

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NoLandGrab: OK, Jane, even if we gave you the benefit of the doubt, you've had 14 months to do what you said you would do.

Posted by eric at May 16, 2011 9:51 AM