The board of the Metropolitan Transit Authority, a state agency which operates the mass transit of the City of New York and the commuter rail lines feeding into the city, voted to lower the amount from $100 million to $20 million that developer Bruce Ratner’s firm Forest City Ratner needs to pay the MTA for the development rights to the Atlantic Yards complex.
This project would build an arena for the NBA team the Nets, which Ratner owns. It would also build office and apartment buildings. Land beyond the Atlantic Yards, which the MTA owns, would be taken from private property owners by eminent domain procedures.
Ratner sought a lower payment as the economic downturn and credit restriction make it more difficult for him to continue the development.
Remember this corporate welfare bailout when fares go up and more aid is sought from New York State taxpayers.
There is an alternative. Vote Libertarian this year. Joseph Dobrian is our candidate for Mayor, Jim Lesczysnki is running for Public Advocate, while John Clifton is seeking the Comptroller’s post.
The Libertarian Party opposes corporate welfare and eminent domain abuse. -30-
Drew Carey’s TV Program On Eminent Domain Abuse https://groundreport.com/articles.php?id=2838131
Greedy In Brooklyn: Well-connected Developer Seeks Still More Subsidies For Brooklyn Arena Scheme https://groundreport.com/articles.php?id=2858872