AY Funding Agreement: This Could Take Forever
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…
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
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.
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.
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.
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.
The mole has returned!
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.
Seriously, ECO FUCKING FRIENDLY? How was the weather up Ratner’s ass, “David?”
Eco-friendly?