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$4B Atlantic Yards Gets Prelim Approval

BROOKLYN, NY-The Empire State Development Corp. approves the General Project Plan and use of eminent domain, despite concern from some community groups that the plans are rushed.

By Katie Hinderer | Updated on December 11, 2006

BROOKLYN, NY-On Monday the Empire State Development Corp. approved the modified General Project Plan for the Atlantic Yards project and authorized eminent domain to seize the final properties needed for the project to go forward. The Public Authorities Control Board is the final hurdle developer Forester City Ratner Cos. must overcome. The PACB is expected to vote on the plan Dec. 20, although given the board’s track record it is uncertain if the project will receive the unanimous decision required.

“Today’s approval is another important milestone in the creation of tens of thousands of construction jobs, thousands of permanent jobs, and critically needed housing, including affordable housing,” Gov. George Pataki says in a statement.

The $4-billion Atlantic Yards project is taking a 22-acre blighted part of the Brooklyn and transforming it into a mixed-use area that will include a stadium for the New Jersey Nets basketball team. Forest City Ratner expects the project to generate 17,000 new residents, 22,000 construction jobs, and 5,000 jobs once the project is complete. The project is also expected to generate $944 million in tax revenues for New York State.

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