MTA Approves New Deal for Atlantic Yards
Wednesday, June 24, 2009
New York, NY –
The MTA board overwhelmingly approved a new deal for the Atlantic Yards development in Brooklyn by a 10 to 2 vote.
REPORTER: Some board members expressed regret that they were accepting less cash up front and a less valuable rail yard than originally proposed in 2005. But Jeff Kay, who represents Mayor Bloomberg on the board, said it was better than nothing.
KAY: There is no other market, no one else has come forward with a credible proposal at this time.
REPORTER: At the last minute, opponents of the Atlantic Yards project offered to pay $120 million over a period of 12 years for the rail yards. Developer Bruce Ratner is paying $100 million over 21 years under the new deal.
Board members did not appear to take the counter-offer seriously and the board chairman refused to comment when asked about it.
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