At Atlantic Yards meeting, state says no expectation foreclosure auction will proceed April 30. Quorum allows AY CDC budget passage.
This is the first of two articles on the April 18 meeting of the Atlantic Yards Community Development Corporation (AY CDC), charged to advise on the project and monitor obligations. The meeting was brief and mostly uneventful--though my update tomorrow will address the effort by Empire State Development (ESD), the state authority that oversees/shepherds the project, to update its official affordable housing chart. Notably, ESD officials said they had no expectation that the foreclosure auction of the rights to six development sites over the Vanderbilt Yard, scheduled for April 30 but already postponed twice, would proceed, as the entity controlling the debt has not presented a potential developer to them. Budge approved With a quorum, the AY CDC directors were finally able to approve--as they were precluded form doing, at their March 26 meeting--of approving the body's $250,000 budget, which is provided by the developer, Greenland USA. Page 24 of AY CDC Agenda April 18, 2