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NY to Atlantic Yards Developer: Finish By…2035?!
February 1, 2010 by Neil · Leave a Comment
What will happen by 2035?
Muslims will outnumber Christians in Britain.
China will surpass the U.S. economically.
Jerusalem will lose its Jewish majority, if those predictions are accurate.
In addition, 2035 is also the deadline the City and State of New York have given to Forest City Ratner to complete the Atlantic Yards project.
In the event that developer Bruce Ratner misses that last deadline, he’ll owe millions of dollars in damages to the state and city every year until he gets it done. He would have to pay even more if he abandons the project altogether.
In addition, an updated funding agreement signed in October and recently released said that the City of New York would provide $31 million to the developer upfront to buy four properties on Dean Street. In an accounting sleight of hand, City officials said the subsidy won’t cost taxpayers more money. Rather, the $31 million will be subtracted from $105 million previously pegged to pay for infrastructure improvements around the 22-acre project site.
Related posts:
- Court of Appeals to Decide on Eminent Domain for Atlantic Yards New York’s highest court has agreed to hear an...
- Atlantic Yards to Multifamily Housing, Open Space: Drop Dead? Armed with a set of concessions wrung from state...
- Brooklyn’s Atlantic Yards Takes More Money Than It Provides Forest City Ratner Cos.’ proposed Atlantic Yards basketball arena...
- Atlantic Yards One Step Closer To Compromised Development New York’s highest court ruled 6 to 1 that...
- Five Shots (or $55 Million) and He’s Still Alive! Atlantic Yards Gets Another Subsidy For Make-Believe Affordable Housing. The developer of the troubled Atlantic Yards project is...
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