More bad news on the Atlantic Yards front. Today a New York court upheld the Metropolitan Transit Authority’s (MTA) controversial deal allowing Atlantic Yards developer Bruce Ratner to acquire a crucial 8-acre rail yard for just $20 million upfront and $80 million due over the next 22 years. Remember that the MTA first struck a deal with Ratner for the property back in 2005—but without first opening the land up to competitive bidding as state law requires. After a public outcry, the agency accepted bids, only to reject an attractive $150 million offer (on land appraised at over $200 million). The MTA then gave the rail yard to Ratner for just $50 million, though that was later negotiated to a lump sum payment of $100 million. Fast forward to June 2009, and the MTA sweetens the deal even further, allowing Ratner to pay just $20 million now and the rest over the next two decades. That’s the shameful corporate welfare abuse that the court upheld today. And on an all-too-related note, the MTA today approved drastic service cuts to New York City’s subway and bus systems, citing a massive budget “shortfall.” At least we know where 80 million of those dollars fell short.
Reason Magazine
Most Popular Stories
- It’s Enough to Literally Make Your Head Explode (2.3)
- Fox Business Network Cancels Judge Andrew Napolitano's Freedom Watch (2.9)
- The Second Amendment Cases the Supreme Court Doesn't Want to Hear (2.9)
- Oklahoma Legislator: Let's Tax "Violent" Video Games (2.3)
- One Possible Reason There Are So Few Liberals, Starring Jonathan Chait. And Some Stuff About Tax Progressivity. (2.10)
Reason RUPE: Public Opinion Survey
- Romney Most Electable Candidate, Yet Gingrich in Statistical Tie Among GOP Voters (1.31)
- Explaining Newt’s Second Surge (1.26)
- George Washington Would Beat Out Romney as Richest President; John Kerry Would Have, Too (1.25)
- New Poll: Americans Aren't Ready for Another War (1.20)
- 2012 Election Match Up: Romney Wins, Paul Might (1.13)
advertisements
Reason on Facebook
Reason on Twitter
Reason on YouTube
Reason RSSGet Reason E-mail Updates!
Manage your Reason e-mail list subscriptionsSite comments/questions:
Media Inquiries and Reprint Permissions:
(310) 367-6109
Editorial & Production Offices:
3415 S. Sepulveda Blvd.
Suite 400
Los Angeles, CA 90034
(310) 391-2245
Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time.
proofreader|12.16.09 @ 5:47PM|#
The MTA then gave the rail yard to Ratner for just $50 million, though that was later negotiated to a lump sum payment of $100.
Uh...
Robert|12.16.09 @ 6:00PM|#
Why don't all the world's politicans just sell the entire world to one company in return for 50% of its stock, and retire?
|12.16.09 @ 6:02PM|#
the MTA today approved drastic service cuts to New York City’s subway and bus systems, citing a massive budget “shortfall.”
Profits are evil.
EscapedWestOfTheBigMuddy|12.16.09 @ 6:08PM|#
...and administering public property to the maximum benefit of the public, too. They really didn't need those extra 50+ million dollars. Trust them.
¢|12.16.09 @ 6:19PM|#
Why don't all the world's politicans just sell the entire world to one company in return for 50% of its stock, and retire?
If we still have those "business model" patent laws the internet was all abitch about in 1999, you'll soon be hearing from Soros's lawyers.
|12.16.09 @ 7:08PM|#
Just when we thought we finally had the SLAUGHTERHOUSE case cornered...
Paul|12.16.09 @ 8:05PM|#
I love the I.J. but when it comes to Eminent Domain, it seems that government courts have pretty well spoken: It's not your property, you're just livin' on it until we say otherwise.
|12.16.09 @ 9:57PM|#
Wow, the losses are mounting!
RT
www.total-privacy.es.tc
Brooklyn Dodger|12.16.09 @ 10:18PM|#
Great news on the court decision. As a lifelong Brooklyn resident it is beyond comprehension that anyone in this borough would oppose a project that invests billions in the borough. SHame on the few of you who are thinking of themselves, and kept this held up for so long.
|12.17.09 @ 11:24AM|#
Agreed with Brooklyn Dodger. The few are trying to suppress the many for their own selfish gains. The project is starting to roll now and Goldstein is still considered to be an obnoxious farce by the majority of those involved.