The Real Deal New York

City to allocate $31M more to AY land seizure

January 27, 2010 01:00PM


City Council member Letitia James and a rendering of the Barclays Center at Atlantic Yards

The city is handing over an additional $31 million to assist Bruce Ratner in buying land for his Atlantic Yards project, according to the New York Daily News. The additional funding was granted in an updated funding agreement signed in October, on top of the $100 million that the city already gave the developer. The $31 million, however, won’t come from taxpayers, but will be taken from a separate fund that was originally allocated for infrastructure in the neighborhood surrounding Atlantic Yards. Even so, City Council member Letitia James has called foul, claiming that the city’s allocation of funds is fancy accounting footwork. “It’s a government Ponzi scheme,” James said. “I’m offended because they’re using public funds to seize homes and businesses.”

Comments are closed.

MENU