Judge Removes Significant Roadblock To Atlantic Yards Project

Judge Dismisses Lawsuit Against Atlantic Yards

Brooklyn U.S. District Court Judge Nicholas Garaufis yesterday “dismissed the most significant lawsuit against the Atlantic Yards project ... dealing a major setback to opponents” of the $4B project, according to Nicholas Confessore of the N.Y. TIMES. The decision “centered on the looming condemnation of about a dozen businesses and homes to make way for the 22-acre project.” The properties on the site are to be condemned under eminent domain, but the residents and business owners who have refused to sell their properties argued that “any public benefit of the project was incidental, and the true purpose was to enrich the developer, Forest City Ratner Companies, and its investors.” However, Garaufis “rejected their reasoning.” The plaintiffs will appeal the decision (N.Y. TIMES, 6/7). In N.Y., Rich Calder cites a New York state document showing Atlantic Yards developer and Nets Owner Bruce Ratner “expects $1.4[B] in tax-exempt bonds to finance the project's 2,250 units of affordable housing.” At least $2.34B, or 58.9%, of the estimated $3.97B of the development costs “would be financed by government-backed money” (N.Y. POST, 6/7).