The MTA today announced that Bruce Ratner, the developer of the controversial Atlantic Yards project, will be allowed to defer $80 million of the $100 million total he has agreed to pay for the site. The final installments will not be paid until 2031. The MTA board members who will meet tomorrow to vote on the revised agreement were given only 48 hours to review the complex documents.
“It only points out how this project should never have been approved in the first place,” said Council Member and Mayoral candidate Tony Avella. “It's time to kill this monster once and for all.”
The Atlantic Yards project has been diminishing in recent months as the developer attempts to cut costs. Frank Gehry’s ambitious stadium plans were replaced with a smaller barn-like structure by architectural firm Ellerbe Becket. The number of cars that can operate out of the Long Island Railroad station has also been reduced from 76 to 56 cars.
“This project would tear the fabric of Brooklyn for many generations to come,” Avella said. “It must be stopped.”