Did New York City ever get paid for development rights at Site 5? If building didn't start by May 2020 (& it didn't), developer had to forfeit rights, or pay.
Recently we've been reminded of lingering clauses in official Atlantic Yards documents that seem to have been forgotten by the government officials required to enforce them, such as the 5/12/22 deadline to build the Urban Room, with a potential $10 million penalty for delay--unless it's waved away by a renegotiation and amendment. Another is a requirement I wrote about in November 2019: how developer Greeenland Forest City Partners (GFCP) faced a 5/12/20 deadline—ten years after the project Effective Date, 5/12/10 —to start construction at Site 5, longtime home of the big-box stores Modell's (now closed) and P.C. Richard. If not, the developer had to either pay New York City for its retained development rights or give up those rights, according to a document known as the Atlantic Yards City Participation Agreement. Construction, of course, has not started at Site 5; the developer has proposed--but not yet started--a plan to move most of the bulk of the unbuilt B1 tower