MTA looks for millions from Hudson Yards bidders

Crain’s is reporting that the winning Hudson Yards bidder would have to pay tens of millions of dollars that might not be refunded if the deal to redevelop the 26-acre site falls apart. The MTA wants a $9.2 million fund to improve a Long Island Rail Road facility near Shea Stadium, according to documents the agency sent to the five bidders. A $5 million fund for expenses would be required for the western and eastern parcels of Hudson Yards, along with a $10 million fund for environmental expenses. The MTA also now wants to lease the site, instead of selling it, and is asking for “transaction payments.” “They want us to take tremendous risk,” said a member of one development team.