The Metropolitan Transportation Authority board of directors met today to discuss a revised finance agreement over the Atlantic Yards site between the agency and developer Forest City Ratner (FCR). At issue is whether the MTA should give FCR greater flexibility in making payments owed to the MTA for the right to develop the MTA's portion of the rail yards. Under terms made public earlier in the week, FCR would pay the MTA $20 million this year and pay the remaining amount off at 6.5% interest over the twenty years starting in 2012. Previously FCR agreed to pay the MTA $100 million up front for the same rights. See RPA's testimony after the fold.
RPA weighed in at the MTA board meeting saying we oppose the deal as it's currently structured but think it should be salvaged under stricter provisions. Those include granting the MTA a greater portion of future proceeds, conducting a new cost benefit analysis and creating a new ESDC subsidiary to review design elements and oversee the development process as it goes through different iterations. Read our testimony here.
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