As expected, the MTA Board voted 10-2 yesterday to allow Atlantic Yards developer Forest City Ratner to make payments for the Vanderbilt Railyards over 22 years, and to build a smaller railyard worth $100 million less than originally promised. Read all about it at Atlantic Yards Report.
As Crain’s reports, however, this may not be the end of the story:
“Forest City’s next major agenda item is selling bonds to finance the project’s centerpiece: an arena that where the company’s basketball team, the Net’s will play. The company hopes to begin selling $490 million worth of bonds to finance the $772 million arena this fall. Legislation allowing Forest City to issue tax free bonds expires at the end of the year so timing is critical. If Forest City fails to secure those bonds or other financing by early next year, the MTA deal falls apart.”