Friday, December 04, 2009

The temporary Vanderbilt Yard is already in operation

The temporary Vanderbilt Yard is already in operation.

From the Barclays Center Arena Preliminary Official Statement (prepared by Goldman Sachs):
As of the date of this Official Statement, LIRR has moved operations into the completed Temporary Yard, has de-energized the existing tracks within the Arena premises, and has signed an agreement with RailCo which allows for the cutting and removal of such track by RailCo. Of the budgeted hard-cost amount of $65.7 million, $55.8 million has been expended as of October 31, 2009, with approximately $9.9 million remaining to be expended, of which amount approximately $8.3 million consists mainly of so-called “dead-heading” costs of LIRR.

FCE has delivered to the MTA and LIRR a completion guaranty for the Temporary Yard Work, together with a letter of credit in the amount of $5.0 million, to secure the completion of the Temporary Yard Work and certain other obligations of RailCo, the Arena Developer and other affiliates of ArenaCo.

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