MTA Ignores Fiduciary Duty, Approves Revised Yards Plan
If you read the Atlantic Yards Report’s account of yesterday’s MTA hearing that resulted in a 10-2 vote approving the sale of the Atlantic Yards to Forest City Ratner at a drastically reduced price (in both present and expected value terms), it’s hard not to come to the conclusion that either (a) the people that…
If you read the Atlantic Yards Report’s account of yesterday’s MTA hearing that resulted in a 10-2 vote approving the sale of the Atlantic Yards to Forest City Ratner at a drastically reduced price (in both present and expected value terms), it’s hard not to come to the conclusion that either (a) the people that sit on the MTA Board ain’t too bright or (b) the fix was most certainly in. Or (c) both. The heart of the MTA’s fallacious position was encapsulated by board member Jeff Kay’s defense of the new pricing structure: The market is what the market is, declared board member Jeff Kay.” Um, except that the board rejected a higher price from Extell back in 2005 and has refused to either get a current independent appraisal or solicit new offers to find out what the market price really is. (In fact, at yesterday’s hearing Daniel Goldstein made an offer on behalf of DDDB of $120 million for the property over 12 years—the details of the offer are posted here.) The board ignored Assemblyman Jim Brennan who tried to remind the MTA that it is legally bound not to squander its assets; he also pointed out that the Public Authorities Accountability Act requires an independent appraisal. Council Member Letitia James pointed out the irony that taxpayers bailed out the MTA and now the MTA is bailing out a private developer, adding How can you sell off a valuable public asset without considering market value? Goldstein also said that it’s likely his group will sue the MTA for its actions. Anyway, there’s no point in rehashing the entire play-by-play here. Go read the Atlantic Yards Report’s detailed account and watch the video above.
MTA Approves Deal 10-2 Despite Warnings [AY Report]
Atlantic Yards Project Enters a Crucial Period [NY Times]
Bailout! State Cuts New Deal to Save Stalled Yards [NY Post]
MTA Signs Off on Sweet Atlantic Yards Deal [NY Daily News]
MTA Approves New Deal for Atlantic Yards [WNYC]
The MTA is extremely corrupt and the leadership has been in cahoots with management for years. The TWU has horrible leadership but if not for unions the workers (union and non-union) would make about $10 less and hour. I don’t know about you guys but I like workers having benefits and being paid well.
Sorry Joe, but since they usually clean the cars at the end of each route, how exactly do you know if they are or aren’t cleaning off the poles…?
The cars I’ve been in lately have been spotless. I understand they’ve been cleaning the cars like mad lately since the swine flu scare….
MTA board members are worse than crooks. They’re lazy and not terribly diligent when spending other people’s money. If they had to open up the whole process again, that would be SUCH A DRAG. Hearings, white papers to read, meetings with angry constituents, etc. Then there would be phone calls from angry mayors, BPs, and other interested parties.
They just want to go home (in their cars).
Oh well, fsrq raked me over the coals yesterday for saying the same thing. I wonder how long the MTA will try to tell us what a great deal they got before the truth gets out?
The slimy pole that never even gets wiped off, much less disinfected is the one thing that irks me the most. Most other transit lines get disinfected (or at least cleaned) daily. The only time the MTA does that is if there is vomit or feces. And you think that it’s bad now they’re actually laying off cleaners, I’m glad I work in BK now so that I have the option of driving.
Gotta agree with Rob on this one. NYC has a pretty excellent subway system, especially for the cost (which is still VERY inexpensive). I’ve had many more problems on the transit systems in Paris and London. And talk about filthy…ever been on the subway in Chicago? Good god it’s disgusting!
With that said, I believe the MTA are crooks, and this is yet another example of that. I wish this whole AY thing would go away and we could have a nice park there. I’ll keep dreaming…
I only have London to compare to, which is less reliable, more crowded, more confusing for connections, hugely more expensive and more strike prone.
Give me NYC anyday.
That said, the current MTA board does sound like a bunch of d’bags and it is unforgiveable for them not to get the best deal.
It also gave away the store to the unions.
quote:
It’s also filthy
are you insane? it is far from filthy. maybe the G train is filthy but every other train ive ever been on has been very clean.
*rob*