Another Loss in the Atlantic Yards Fight

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.

Comments

[proofreader]

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]

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?

[P Brooks]

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]

Profits are evil.

...and administering public property to the maximum benefit of the public, too. They really didn't need those extra 50+ million dollars. Trust them.

[?]

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.

[Martin Owens]

Just when we thought we finally had the SLAUGHTERHOUSE case cornered...

[Paul]

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.

[JImmy Duston]

Wow, the losses are mounting!

RT
http://www.total-privacy.es.tc

[Brooklyn Dodger]

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.

[Wes]

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.