Tuesday, April 1, 2008

No Financing Needed For Ratner's Plan

No Financing Plan Needed Prior to AY Eminent Domain

Brownstoner's Sarah Ryley, digging into the State's funding agreement with Forest City Ratner, finds that the State only requires a financing plan from Ratner for the arena before they seize about 14 acres by eminent domain and hand the property to Ratner; NO financing plan is required for any other part of the project prior to condemnation, including all the "affordable housing." In case it needed reemphasizing: the State and Ratner appear to be fixated on the arena at the expense of everything else.

Let me get this straight, a developer, at least a well connected one, can come along say "i kinda wanna build this and wink wink, I will really, really try to build affordable housing...but I don't know if I have the money for it...can you condemn 22 acres of private property for me and force owners to turn it over?"

The State's answer.."sure, Bruce!"

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