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Article: N.Y. MTA Broke the Law: Suit; New Terms for Rail Sale Disputed.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- October 14, 2009
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Byline: Ted Phillips
The Metropolitan Transportation Authority broke state law when it agreed to new sale terms for the Vanderbilt rail yards in Brooklyn, plaintiffs allege in a suit filed yesterday in New York State Supreme Court.
Four state lawmakers, a transit advocacy group, and a group opposed to the Atlantic Yards development allege that revised terms of the sale of the development rights to developer Forest City Ratner Cos. required a new appraisal and that the MTA consider competing offers.
"We think the MTA agreed to a pretty rotten deal with Forest City Ratner that produces little money for the transit system and that hurts the riding ...