As was widely expected, the MTA's finance committee yesterday approved a revised agreement with Bruce Ratner that would allow the developer to defer $80 million of the $100 million he initially agreed to pay the Authority for railyards; the full MTA board votes tomorrow. According to The Times, the payments would be only $2 million a year between 2012 and 2015 and then $11 million a year for 15 years; the Brooklyn Paper reports that the interest rate comes out to 6.5 percent. In a what may end up being the quote of the year, MTA finance chief Gary Dellaverson said of the deal, "It's not quite as good as we had hoped." Priceless.
Ratner to Get Huge Break from MTA [Brooklyn Paper]
Developer Seeks to Defer Payments on AY Site [NYT/Cityroom]
New Brooklyn Arena Deal Unveiled [AP]
Big Week for Atlantic Yards Sweetheart Deal-Making [Brownstoner]
Photo by Tracy Collins
