proposal submitted to MTA - pdf)
"Atlantic Yards" proposal was announced in December 2003. In March 2004
James and the Atlantic Yards Development Workshop (AYDWS), led by urban
designer and architect Marshall Brown, convened
a community charette bringing together stakeholders, laypeople, and
professionals to envision community-based planning for development over
the rail yards (officially known as Vanderbilt Yards) which form a border
between Prospect Heights and Fort Greene.
The UNITY Community Development Plan
grew out of this charette and a fifteen month Period spent refining the
plan and presenting to stakeholders all around the communities that surround
the rail yards–Prospect Heights, Fort Greene, Clinton Hill, Boerum
Hill, and Park Slope.
In February 2005 a loose coalition of community-based organizations began
meeting to prepare for the environmental review of the Ratner proposal.
Using the principles behind the UNITY Plan, the groups
developed and forumulated a document called Principles
For Responsible Community Development On The Vanderbilt Rail Yards
which has since been endorsed by 23 community based organizations, as well
as Congressman Major Owens, State Senator Velmanette Montgomery, and Councilwoman
Letitia James, all of whom represent the districts where the rail yards
In May 2005, after much public pressure, the Metropolitan Transportation
Authority (MTA) issued a Request For Proposals (RFP)
for the sale or lease of all or some of the 8.4 acre Vanderbilt Yard (Vanderbilt
Yard is the MTA's official name for the rail yards.) The MTA barely advertised
the RFP (2 placements only). So, Develop Don't Destroy Brooklyn mailed the
RFP, along with a cover letter and the Principles
For Responsible Community Development On The Vanderbilt Rail Yards
to one hundred developers. The few who responded were deterred by the political
situation swirling around Ratner's project. But one firm, Extell Development
Company, agreed to meet with some DDDB members.
After showing the UNITY Plan and The Principles
to Extell, the development firm decided to submit a proposal to the MTA,
with thirty days left in the ludicrously short 42-day time period the MTA
had set for proposal submission. The plan submitted to the MTA by the Extell
Development Company is guided by the principles underlying the UNITY
Plan. (See: Yard
Fight, by Peter Slatin. July 8, 2005 in The Slatin Report.)
Extell bid $150 million for the rail yards, versus Ratner’s low-ball
bid of $50 million. Despite the MTA’s own appraisal of $214.5 million,
the clearly fixed and deficient bidding process led to a decision by the
MTA board to negotiate exclusively with Ratner–whom they had been
working with and negotiating with for over two years–over an extended
45 day period.
When that period ended, to nobody’s surprise, Ratner upped his offer
to $100 million and, still well below the Extell bid and well below the
appraisal, the MTA approved the sale of the yards to Ratner. But that sale
will not close unless “Atlantic Yards” is approved. MTA Chairman
Peter Kalikow, when challenged by the only dissenting board member Mitchell
Pally, said, “I’m not going to be beholden by that appraisal,
it’s just some guy’s idea of what those yards are worth.”
The Extell Plan is a viable, financially-backed plan proving that Forest City Ratner's porposal is not the only option that taxpayers have..
THE BIDS STACK UP:
For every dollar that Ratner has offered the struggling
MTA, Extell has offered three.
The MTA's own appraisal for the Yards is $214.5 million.
Purchases Prices for Vanderbilt Yards (aka Atlantic Yards)
|FCRC claims the
following line items as part of their purchase price,
when in fact, they are costs that any developer would
have to bear to build on the site. Extell budgets
these items as part of their construction costs.
to MTA for Net Operating Increases over 50 years (PV)
of New Vanderbilt Yard
Remediation & Clean-up
of Mass Transit Improvements
Revenues to the MTA from Sales Tax are purely speculative
and is not part of the "purchase" of the yards.
Revenues to MTA from Atlantic Yards Sales Taxes (PV)
Total Purchase Price Offered:
The MTA has
appraised the cost of relocating the Yards (building a
new yard), and building a platform between $56 and $72
Extell has estimated the yard relocation
and platform cost to be $150 million or less,
and has said that they need further discussion with the
MTA to understand what their needs are for the new yard.
(But the MTA needs to allow TIME for such discussions
to take place!)
FCRC has estimated the
relocation and platform cost to be $345 million.
That is five to six times as much as the MTA cost estimate,
and it seems clear that FCRC has done this to artificially
inflate their purchase price with those figures.
For infrastructure costs Extell anticipates direct subsidies
of $150 million, while FCRC anticipates direct subsidies
of $200 million. However, in addition to the $200
million, FCRC also expects
an unspecified amount contributed by the City and State
towards their "extraordinary infrastructure
costs", as described in 8ii) of the MoU
between the ESDC, City and FCRC. The total "extraordinary
infrastructure costs" are shown to be $163,000,000
on page 2.3 of the FCRC bid. These costs include the platform
amongst other items.
For more information on FCRC's direct and indirect subsidies,
which total at least $1.9 billion, click
|The Extell plan:
The NYC 07 08 05
- Would go through ULURP
(the City's democratic planning process).
- Would not use eminent domain.
- Would be built only over the Vanderbilt
- Proposes to construct a school.
- Proposes eleven buildings ranging from 6 stories (the school) to 30 stories,
which is the height of the tallest building (except for the Williamsburgh
Bank Building) in the area.
- Doesn't propose super
blocks or demapping streets.
- Would be much less of an expense for the public.
- Like Ratner, proposes 30% affordable housing.
- Commits to negotiating a real
Community Benefits Agreement.
- Would use union labor.
Peter Slatin, The Slatin Report
Click photos to enlarge.
Press Release: Develop Don't Destroy Brooklyn To Request Finder's Fee
to transit riders: It's deja screw all over again!
Press Release: The MTA Accepts Low-Ball Bid From Bruce Ratner
wins rights to Brooklyn rail yards
Press Release: 32 Organizations Demand MTA Release Ratner Profit Projections
doubles cash offer to less than Extell bid
Press Release: MTA Set to Accept Low-Ball Bid From Bruce Ratner
Is Doubled by Developer to Build Arena in Brooklyn
Press Release: Develop Don't Destroy Brooklyn Attorney, Jeffrey Baker
Reprimands the MTA on Atlantic Yards
York Skyline in the Balance As Real Estate Titans Square Off
to the Wire for MTA Decision on Atlantic Yards?
Tells Ratner: Come Up with More Money, or Else
PRESS ON MTA DEAL
Board Leans Towards Ratner
picks preferred developer over interests of public, again
Asks Ratner To Sweeten Bid For Atlantic Rail Yard
Press Release: The MTA Chooses Exclusive Negotiations with Low-ball Bidder
to negotiate exclusively with Ratner
to take additional 45 days to negotiate exclusively with Ratner
board to vote to agree to not decide?
Press Release: The Developer Has No Clothes
Press Release: Develop Donít Destroy Brooklyn Attorney Warns MTA Ratnerís
Bid is Contingent on Eminent Domain
Backs Ratnerís Plan for Altantic Yards
Rival Offers Compromise on Nets Arena
up Yards sale, boro pols urge MTA
Nets score key votes in railyards bid battle
Press Release: Extell Bids $150 Million vs. Ratnerís $50 Million for the
MTAís Rail Yards in Brooklyn
YARDS: Supporters of Project Vow To Fight If MTA Decides To Reject Ratner
land bids: The winner is...?
plans are detailed
Bid Tops Ratner's Offer to Develop Brooklyn Site
Barnett 3, Ratner 1
unveils Brooklyn railyard site bid details
Bids For Atlantic Rail Yards The talk Of Brooklyn
Atlantic Yards' 'Extellent' Adventure
Press Release: We Demand MTA Accountability and Transparency
Reponse to July Surprise
Extell Bids Reveal Radically Different Visions for Brooklyn, NY
Development Plan for Atlantic Yards
Prez Prefer's Ratner's Rail Yard Plan
The Brian Lehrer Show: Another Vision for the Atlantic Yards
Press Release: Ratner, Extell Bids Reveal Radically Different Visions
competing bid for the MTA railyards
Bumped Out Again?