MTA OKs lower Atlantic Yards down-payment

The board of the Metropolitan Transportation Authority approved a deal for the Atlantic Yards project Wednesday, reworking the payment timeline of the site?s developer.The MTA

BROOKLYN - The board of the Metropolitan Transportation Authority approved a deal for the Atlantic Yards project Wednesday, reworking the payment timeline of the site?s developer.

The MTA voted 10-2 to allow the developer, Forest City Ratner, to pay only $20 million upfront instead of $100 million, as it had been previously agreed upon, to develop the Vanderbilt Yard as a part of the Atlantic Yards project. The remaining $80 million will be repaid in the course of 22 years.

The MTA currently owns the Vanderbilt Yard, which is used by the Long Island Rail Road as a commuter railcar storage yard. If the Atlantic Yards project goes forward as planned, the site will be used to build a basketball arena, create retail space and erect apartment buildings.

Proponents of the MTA?s decision say it will allow the project to go forward and create jobs in the area. Opponents, however, contend that the MTA is bailing out a wealthy developer.

advertisement | advertise on News 12

Trending Video

Officials believe the drug ring brought heroin, cocaine, 1 New drug furanyl-fentanyl hits Brooklyn streets
Wells Fargo is rolling out cardless ATMs where 2 Word on the Street: Paying by phone
The New York Cosmos soccer team says they 3 NY Cosmos ready for home opener in Brooklyn
Dozens of people were arrested across the borough 4 Dozens arrested in 'Operation Hardball' drug takedown
5 VIDEO: Extended footage from NYPD Emergency Services Unit graduation

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE