The Metropolitan Transportation Authority Board voted Wednesday to approve a deal to give the developer of the Atlantic Yards construction project more time to come up with more money he needs.

The 10-2 vote, with one abstention and one absence, allows for the sale of the Atlantic Yards in Brooklyn to developer Forest City Ratner for $100 million over a course of years, instead of all at once.

Payments for the nine-acre site will be spread over the next 20 years, with the first $20 million paid up front. The rest of the annual payments will begin in 2012.

In addition to a new basketball arena, The Barclays Center, which would bring the New Jersey Nets to Brooklyn, the proposal calls for 16 other buildings of housing, office space, and retail.

As part of the deal, Forest City Ratner will also make improvements to the Long Island Rail Road yard.

A subway entrance at the Atlantic Avenue/Pacific Street station will carry the name The Barclays Center; Forest City Ratner will pay $200,000 a year for the right to add the name of the basketball arena.

"From the MTA perspective, our goal was transportation; we're very satisfied that we have a yard that meets our needs," said MTA Interim Chief Executive Officer Helena Williams. "[I'm satisfied] that we have transportation improvements for the subway entrances."

Not everyone was happy with the MTA's vote of approval.

"The MTA has decided today to take a renegotiated offer and approve it for Forest City Ratner that brings less money to the MTA, less capacity to the rail yards," said Daniel Goldstein of Develop, Don't Destroy Brooklyn. "In return, Forest City Ratner pays less for what they committed to do it four years ago."

The Empire State Development Corporation's board of directors adopted the revised plan earlier this week.

A public hearing will be held regarding the proposed changes followed by a 30-day public comment period. The ESDC will then vote on the project.

Meanwhile, the subway stop closest to the Atlantic Yards project will get a new name.

As part of the deal, Forest City Ratner will pay the MTA $200,000 a year for 20 years to add the name "Barclays" to the Atlantic Avenue, Pacific Street and Flatbush Avenue subway stop.

The name change is expected to coincide with the opening of the arena which is set for 2012.