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tel/fax:
718.362.4784
Please note our new postal address when sending
contributions to the legal fund:
121 5th Avenue, PMB #150
Brooklyn, New York 11217
About DDDB
Our coalition consists of 21 community organizations and
there are 51 community organizations formally
aligned in opposition to the Ratner plan.
DDDB is a volunteer-run organization. We have over 5,000
subscribers to our email newsletter, and 7,000 petition
signers. Over 800 volunteers have registered with DDDB
to form our various teams, task-forces and committees
and we have over 150 block captains. We have a 20 person
volunteer legal team of local lawyers supplementing our
retained attorneys.
We are funded entirely by individual donations from the community at large
and through various fundraising events we and supporters have organized.
We have the financial support of well over 3,500 individual
donors.
More about
DDDB...
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Atlantic Yards Deja Vu
So, where are we?
In September 2005 the MTA approved a sale of the rail yard rights to Ratner.
It was a sweetheart deal for $100 million at closing for an 8-acre site appraised
at $214.5 million.
Today, the MTA approved a sale of the same rail yard rights to Ratner for $20
million up front (it hasn't closed yet) and installments over the next 22 years
with a discounted interest rate and an option to walk away.
In May 2006 the Empire State Development Corporation adopted the Atlantic Yards
General Project Plan and approved it in December 2006.
Yesterday, June 22, 2009, the Empire State Development Corporation adopted the
Atlantic Yards Modified General Project Plan. After a 60-day public comment period
and a public hearing the ESDC will look to rubberstamp the Modified GPP in early
September, just like they did in December 2006.
So, where are we?
Same place we were in December 2006, only the deal has gotten sweeter for Ratner
and the alleged public benefits have vanished.
There are also two pending lawsuits (for those inflators out there, DDDB has been
involved in a total of four lawsuits over this six year saga) and once
we review the MTA's approved documents from their meeting today, there is the
high probability that we, along with others, will sue the MTA.
And Ratner has an IRS deadline to issue his arena bond by the end of 2009 (he
didn't even have that deadline in 2006) or risk financial nonviability.
So while some headlines may scream something like Atlantic Yards Progresses or
Atlantic Yards One Step Closer, they're actually steps backwards, re-doing part
of a process that Forest City and ESDC never thought they'd see again.
And their clock
is ticking. Tick, tick, tick.
Posted: 6.24.09
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