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Of pledged $3 million parks investment outside of project by May 2035, $1 million is due by May 2022 (already delivered?)

When Atlantic Yards was approved in December 2006, original developer Forest City Ratner announced--as part of a sweetener--that it would "invest $3 million to improve existing parks in and around the project," beyond the pledged open space.

What did that mean? We don't quite know.

But a look at the late 2009 Development Agreement, excerpted at bottom, provides some guidance. It states, that "prior to the Substantial Completion of Phase  II," which is May 12, 2035, the developer (now Greenland Forest City Partners) "shall collectively invest (or shall cause to be invested)" a total of $3 million in the aggregate, for the improvement of existing parks near and around the project site.

The Outside Phase II Substantial Completion Date is 25 years after the Project Effective Date--which was May 12, 2010--subject to Unavoidable Delays. Thus 5/12/35. The Effective Date was when the state delivered properties taken via eminent domain to the developer.

A 2022 initial deadline already met?

Within that total, $1 million must be invested before the "Outside Phase I Substantial Completion Date," which is 5/12/22, 12 years after the Project Effective Date, again subject to Unavoidable Delays.

If the $1.25 million-plus earlier pledged by Forest City for the Dean Street Playground comfort station counts, well, they've already met that requirement. But we don't know.

Will another expenditure count?

There's also the near-term plan, required as a result of the 2014 Supplemental Environmental Impact Statement (SEIS), to upgrade Times Plaza just west of the project site (and above Site 5) with planters, benches and more. This could come in the second quarter of this year--very soon.

Such passive open space was required as a mitigation not for residents but for workers in the area. Again, it's unclear whether the upcoming expenditure will count toward the $3 million total.

Perhaps this will be ventilated at the meeting today of the Atlantic Yards Community Development Corporation, or a future meeting.

From the Development Agreement

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