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
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
Ratner is da master bait & switch man, so fugghedaboudit!
protests? I wanna see fourteen giant inflatable ratners already!
Giant mess in my opinion.
Like Brooklyn Bridge Park and Chartres Cathedral, this is a four-hundred-year project.
I also think U. Designer’s idea is brilliant. Where do we sign up to protest and rethink this Ratner BS?
Hey U. Designer, great idea! Ain’t gonna happen, but I like it.
this project is doomed. Wooohooo!!!
Hey What, tell me you cut and pasted the lyrics to that song….
Is this Sarah Ryley from the Brooklyn Eagle? Sweet!
“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….