MTA Finance Committee Approves New Ratner Deal
As was widely expected, the MTA’s finance committee yesterday approved a revised agreement with Bruce Ratner that would allow the developer to defer $80 million of the $100 million he initially agreed to pay the Authority for railyards; the full MTA board votes tomorrow. According to The Times, the payments would be only $2 million…
As was widely expected, the MTA’s finance committee yesterday approved a revised agreement with Bruce Ratner that would allow the developer to defer $80 million of the $100 million he initially agreed to pay the Authority for railyards; the full MTA board votes tomorrow. According to The Times, the payments would be only $2 million a year between 2012 and 2015 and then $11 million a year for 15 years; the Brooklyn Paper reports that the interest rate comes out to 6.5 percent. In a what may end up being the quote of the year, MTA finance chief Gary Dellaverson said of the deal, “It’s not quite as good as we had hoped.” Priceless.
Ratner to Get Huge Break from MTA [Brooklyn Paper]
Developer Seeks to Defer Payments on AY Site [NYT/Cityroom]
New Brooklyn Arena Deal Unveiled [AP]
Big Week for Atlantic Yards Sweetheart Deal-Making [Brownstoner]
Photo by Tracy Collins
Funny how if one insists that AY opponents have accomplished nothing, they are sure to point to the delays as evidence of their hard work. Yet if you blame the delays on them, they are quick to cite the failing economy are the reason.
Dung Deal…hiccup…
Corruption is rife
Our blood dispersed in the wind
Blaming the victim
I think that if these judges (Supreme Court included) disregarded the Constitution and legitimized the use of emminent domain for a PRIVATE DEVELOPER the desisions were corrupt. Every single one of them. Whether they know it or not, the constitution guarantees us the right to private property. Emminent Domain is meant only to be used for ESSENTIAL public infrastucture projects (something NY is in dire need of)
Thanks for the update, bkn4life!
I thinks the most telling aspect is that there was no real reviews- public or otherwise. And that’s been pretty much established, bgcorey. And no I don’t think every judge is corrupt or on the take but do I think they -in cases like this- allow themselves to be ifluenced? You bet I do. there’s a long, not proud history of back room deals, as bkn4life says.
And the sweetheart deal ratner was given pretty much says it all. he paid less than Extell offered, he now only has to pay a pittance, he never promised more than 25 mil return over 20 years. Excuse me but how much more proof do you need? For the kind of public money we’re expected to put out, that’s garbage. Affordable housing? I should subsidize people making 125,000 a year? Very interesting redefinition of who needs subsidized housing.
It’s theft. There is no return to Brooklyn or the city. It’s all in ratner’s pocket- if you think the Nets are worth it, go see them in Jersey. Spare us the pocket change and the grief.
ftgreenecorey:
the devil is in the details.
so many things that should have been public from the start are now and will continue to come to light. as they do things become available that were not available when the suit was filed. if its good stuff, they can file something new/again either because the original claim was not ripe (all the actions that the suit is based on had not yet happened) or that substantive information was withheld from the public/complainants and as such that decision will not be held as a res judicata bar.
in short, it aint over till dddb quits or until all the information is made public.
as for the federal decision…. they dont want any part of it. it is up to daniel, and those like him, to force the judiciary in this state to do its job. or the elected official. or the unelected officials. you should thank him for exposing the cancers he has exposed.
at this point i have yet to see that any issue has been decided on the merits. or if they purport to be on the merits, withheld information will not allow ratner to escape scrutiny.
rail against the guys taking a philosphical stance all you want. they are the only ones not asleep at the wheel.
BKLYN4LIFE, what about the Federal case? They (DDDB) lost on all three levels…or two levels (district and court of appeals), with the Supremes denying certiorari (which I interpreted as their view that the matter at hand was settled in Kelo)
ftgreenecorey:
the unanimous decision with the opinion that seemed like a dissent was all you need to see. wasnt that also the one where a judge begged off beacause they had “received a mailing” and couldnt be objective because of the pretty pictures and all?
this stinks to high heaven. even the press is starting to notice the stench. no, the judges are not all on the take. but if you think that all the judges on the nys supreme court/nyc civil court are even competent, well, there is a bridge out there somewhere to buy. sit in on a case that involves a nuanced concept. or one where someone tries to show that although there is a general rule to follow for a certain situation, that there are some clearly defined exceptions. they just dont get or dont want to get uncommon situations. it makes their brains hurt to actually think. and it shows in their decisions.
there are only a couple of options for these decisions…
lazy
incompetent
corrupt
stupid
i mostly vote for lazy. cant get that law degree by being stupid.
and a little bit corrupt. in that patronage kind of way. i used to live in chicago. brooklyn is closing in fast on the back-room deal factor.
So BXGRL, you honestly believe that every judge in both Federal Case (district, court of appeals, and UNITED STATES SUPREME COURT) and the State Case (district court, appellate division and court of appeals) are corrupt? Every single one?!?
was at the meeting (ESDC) today.
charade is the only term that comes to mind. to all those loud ant-dddb folks, get a clue. there has not been one single analysis of what ratner stands to make for what he is “giving” brooklyn.
what else should the ESDC do but see/evaluate if ratner can do it cheaper or more effectively than the public sector and if so, then approve it. if not, send him back to cleveland. when i see some real numbers i’ll make a decision. till then stall, bleed, chop, eradicate the parties that are keeping this project from meaningfull public review.
and as long as more tidbits come out about private agreements between the connected developer(ratner) and the mta/city/state/what i dont see the stream of lawsuits ending. nor should they. litigate on dan, litigate on.
i took the name of most of the people testifying. the pro-ratner people were nearly all compensated by ratner or those who will make money on more traffic(hotels/unions).
a partial list
-ACORN(CBA)
-BUILD(CBA)
-REBUILD(CCBA)
-BAM(Board Member/Donations)
-POLYTECH(“co-developer metrotech”)
-SIDS HARDWARE(sweetheart deal at Metrotech when he was displaced)
-NU HOTEL
-NEW YORK MARRIOTT AT BROOKLYN BRIDGE(Note that they are proud of brooklyn, but dont carry that as lead name of the hotel because no one would find it if it were called the Brooklyn Marriott)
-ABOUT 15 UNION WONKS – turned my stomach
-DAUGHTRY
note that marty markowitz had two other engagements and send a flack to yap about jobs and housing.
bam sent a flack
liu sent a flack
i find myself conflicted. a stadium would be great for brooklyn. but not under these conditions.
and dont get me started on the union thugsters. the same vest wearing bumpcap sporting morons who were at the state hearings last month. just how much money does ratner stand to make that he can afford to bailout acorn and send droves of morons to these meetings and put the bam/liu/polytech in his back pocket.
this will all end when the information is laid bare and public officials are on the hook for the tales they have been telling. till then, enjoy the show.