AY Funding Agreement: This Could Take Forever

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The Empire State Development Corporation released Atlantic Yards’ 361-page funding agreement on Friday, the same day The New York Times ran an article in which developer Bruce Ratner acknowledged, for the first time, that the economy could substantially delay his project. According to the agreement, either party can pull out of the project at any time before eminent domain proceedings have been finalized, pending a decision on an appeal to the federal Supreme Court. In most scenarios, the city would gain control of the land and be required to build at least 1,199 market-rate and 646 affordable units. (By comparison, Ratner’s project was supposed to have 4,180 market-rate and 2,250 affordable units.) Even if Ratner proceeds as planned, though, the document reveals that he may take a lot longer to complete it than previously disclosed: He would be required to start arena construction within one year, or four years if forces beyond his control prevent construction. He would be required to finish arena construction within six years, and the five towers of Phase 1 in 12 years. As for the 11 towers in Phase 2, which are expected to contain the lion’s share of the affordable housing component, there is no time limit specified. Forest City Ratner spokesman Loren Reigelhaupt said the construction timetable outlined in the agreement is a minimum requirement, a worst-possible scenario. Atlantic Yards opponent Daniel Goldstein, at risk of losing his home to make way for the arena, said new information in the agreement amounts to a bait and switch, and called on the state to take another look at the project.
Read the Fine Print [Atlantic Yards Report]
PDF: Atlantic Yards Funding Agreement [DDDB]
Photo by Tracy Collins

0 Comment

  • Time to dump AY.

    Here’s the chance to build a real NYU campus, instead of shoe-horning pieces of it into downtown Brooklyn nabes as is about to happen.

    Mix in inexpensive and “affordable” housing and two or three magnet public schools.

    Keep the development dense but low.

    Include a park.

    And say bu-bye to Missy Brooklyn.

    – U. Designer

  • Oldest trick in the book.

  • YOO HOO!!! Lets get back to hot button topics!! The traffic to the site is slowing down. AY, Park Slope vs Whatever, Race, Foreclosures in ENY, Gentrification and whatever bullshit you can come up with! This site is fucked!!! LMMFAO!!!!!!!!!!!!!!!!!!!!!

    The What (IP’s Galore IP’s Galore IP’s Galore IP’s Galore)

    Someday this war is gonna end….

  • Hate to disappoint you, The What, but yesterday was the biggest traffic day ever.

  • brutally stupid. bait and switch is only the beginning of this hideous nightmare. just wait…it gets (will get even) better…6 – 12 years of development? and now the affordable housing will likely be paid for/built by US? effing hell…and how much of a tax break is mr. ratner getting for this mess? criminal.

  • This is complete and utter bullshit. If it was going to be built so be it, build it and get it over with. Stringing this crap out over 30 years. No thank you.

    I cannot really see how any Brooklyn resident can be in favor of this plan now. Where do I sign up for protests? This is ridiculous.

  • Dear Mr. B.

    The comments are still malfunctioning. Are you aware of the problem???

  • “Hate to disappoint you, The What, but yesterday was the biggest traffic day ever.”

    Ok Brownie, thats a nice story. Do you know why? You had to respond with some bullshit. Plus I have pinged your server and the latency tests are coming back shitty. Tell that shit to someone else. Hey Brownie sing along with me!

    I Got You Babe Lyrics

    They say we’re young and we don’t know
    We won’t find out until we grow
    Well I don’t know if all that’s true
    Cause you got me and baby I got you

    Babe I got You Babe, Babe I got you babe

    They say our love wont pay the rent,
    before it’s earned our money’s all we’ve spent
    I guess that’s so we dont have a pot
    But at least I’m sure of all the thing we got…

    Babe I got You Babe I got you babe

    I got flowers in the spring
    I got you to wear my ring
    And when I’m sad, you’re a clown
    And if I get scared you’re always around
    So let them say your hairs too long
    I dont care with you I can’t go wrong
    Then put your little hand in mine
    There ain’t no hill or mountain we can’t climb

    Babe I got You Babe I got you babe

    I got you to hold my hand – I got you to understand
    I got you to walk with me – I got you to talk with me
    I got you to kiss good night – I got you to hold me tight
    I got you I won’t let go – I got you to love me so

    I got you babe…….

    The What (Skullfucking the stupid!)

    Someday this war is gonna end….

  • Is this Sarah Ryley from the Brooklyn Eagle? Sweet!

  • Hey What, tell me you cut and pasted the lyrics to that song….

  • this project is doomed. Wooohooo!!!

  • Hey U. Designer, great idea! Ain’t gonna happen, but I like it.

  • I also think U. Designer’s idea is brilliant. Where do we sign up to protest and rethink this Ratner BS?

  • Giant mess in my opinion.
    Like Brooklyn Bridge Park and Chartres Cathedral, this is a four-hundred-year project.

  • Ratner is da master bait & switch man, so fugghedaboudit!

    protests? I wanna see fourteen giant inflatable ratners already!

  • I have been predicting for years that the NIMBY folks protesting AY may win by inflicting the death of a thousand cuts (or delays) – and it looks like they may yet get their wish.
    I have no idea why someone would ant to live next to/adjoining a bunch of empty lots but I guess thats what Brownstoners prefer.

    I guess the one consolation is that the one part of this project that MAY get built is the one Dan Goldstein really wanted to kill the most – the Arena.

    Of course rather then getting an eco-friendly downtown arena, office and residential complex convenient to mass transit – we’ll probably end up simply with an Arena surrounded by empty lots (read:parking).
    Well done DDDB – while I am sure you will blame everything on Ratner, those of us who arent blind to reality know whose agenda is really going to Destroy Brooklyn.

    David

  • Seriously, ECO FUCKING FRIENDLY? How was the weather up Ratner’s ass, “David?”

  • Brooklyn will be OK even if this damn thing is not built, or isn’t built to original scale, or if it is built but includes some elements of the original plan and not others. It’s been a big hole for the last 40 years and despite all of the anti-AY whining, it’s still a big hole, largely. Even if AY had been built, it was never going to “destroy” Brooklyn, but it might have added some jobs and housing. Hopefully that will still happen. But it’s likely the anti-AY brigade will have anything to do with any real solutions. They’re long on objections and dubious “plans” for the area (which surfaced only after mortal enemy Ratner created his own plan), but short on specifics or the money and influence to actually develop anything.

  • Brooklyn will be OK even if this damn thing is not built, or isn’t built to original scale, or if it is built but includes some elements of the original plan and not others. It’s been a big hole for the last 40 years and despite all of the anti-AY whining, it’s still a big hole, largely. Even if AY had been built, it was never going to “destroy” Brooklyn, but it might have added some jobs and housing. Hopefully that will still happen. But it’s likely the anti-AY brigade will have anything to do with any real solutions. They’re long on objections and dubious “plans” for the area (which surfaced only after mortal enemy Ratner created his own plan), but short on specifics or the money and influence to actually develop anything.

  • The mole has returned!

  • Yes eco-friendly –

    Despite your ignorant tirades; density in a central core, well served by public transport (or in a location that makes addition of mass transit feasible) is the most environmentally friendly way to build.

    People have to live and work somewhere, having them take as small a foot print as possible as well as making use of economies of scale in terms of mass transit is ideal.

  • Why not move Atlantic avenue into the yards spot? could widen it and put it under street level, then fill up the old Atlantic ave spot with retail and condos. It would be similar to the Cobble Hill neighborhood around the BQE.

  • I think this will still be built, it will just take longer than originally expected. I agree with David – it’s amusing to see that the arena will be built first. Daniel Goldstein can then relocate outside NYC and spare us his repetitive rants. I saw Goldstein on the street last summer and, man, did he look a wreck: crazy hair, pot belly, smoking, and wearing clothes that looked like they hadn’t been washed in three weeks.

  • Wasn’t Dan Goldstein — doesn’t smoke, and last time I saw him (a week ago) he looked pretty svelte. Can’t speak to the hair issue.

  • crazy hair? the guy is balding. not as badly as Bruce, but still, not much hair to act crazy

  • Stadium will never get built. Get real. City’s going broke again.

  • I saw Dan Goldstein giving a BJ to the local bum, he’s really losing it. He was yelling I love shit, I love shit, I love shit. I guess he was reffering to the views he currently has and the fact he wants to keep the rest of his area in shit since he’s a selfish fuck. Now the rest of you can crawl back in his ass and please, dont let us know how the weather is up there.

  • I saw Dan Goldstein giving a BJ to the local bum, he’s really losing it. He was yelling I love shit, I love shit, I love shit. I guess he was reffering to the views he currently has and the fact he wants to keep the rest of his area in shit since he’s a selfish fuck. Now the rest of you can crawl back in his ass and please, dont let us know how the weather is up there.

  • Tiny violins play sweetly, sadly for 6:50/6:51.

  • I saw guest at 6:51 fisting himself in Grand Army Plaza! really, i did.

  • And what if I was? Do you know how much yoga I had to do before I was able to? — 6:51

  • You definitely have to be limber to complete such a task.