Atlantic Yards Developer Agrees To MTA Payment Plan
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The MTA reached a new deal Monday with the developer of the controversial Atlantic Yards project.
Instead of paying $100 million all at once for the nine acre site, developer Bruce Ratner will now pay $20 million up front and make additional payments for the next 21 years.
Ratner asked for the new deal because of the slumping economy.
It also scales down Ratner's requirements to build a replacement yard for the Long Island Rail Road.
The Atlantic Yards project, which includes a new arena for the Nets, is undergoing a major redesign after Frank Gehry was replaced as its lead architect.
The MTA's finance committee is expected to approve the deal, which will then be sent to the full board.