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MTA to Vote on New Atlantic Yards Plan

Wednesday, June 24, 2009

The MTA board is expected to vote this morning on a new payment schedule for the developer of the Atlantic Yards project in Brooklyn.

The Empire State Development Corporation yesterday moved to allow Forest City Ratner to pay the MTA just $20 million to start work, instead of a lump sum payment of $100 million up front. WNYC's Matthew Schuerman has more.

REPORTER: ESDC originally planned to buy rights to the entire nine-acre rail yard all at the same time, and then lease them, also all at the same time, to developer Ratner.

Now, Ratner wants to acquire the rail yard in pieces, the first this year or next, the other perhaps not until 2016. That gives the economy time to recover and the developer a better chance of raising the money he needs.

For the 62 people who still live in the footprint, however, the news is the same: they will have to move in the coming months, or be forced out through eminent domain. For WNYC I'm Matthew Schuerman.

REPORTER: A public hearing will be held before the ESDC adopts the new plan.

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