What exactly must the MTA approve by June 30? Railyard work? Payment schedule? Will there be a vote? The MTA won't say.

A new development team is emerging to take over the remaining sites in the Atlantic Yards/Pacific Park project, including the six sites over the Vanderbilt Yard. 

The Metropolitan Transportation Authority (MTA) has a key role, even though the project is overseen/shepherded by the (also) gubernatorially-controlled Empire State Development (ESD).

According to Gib Veconi of BrooklynSpeaks, who's been partially briefed on the emerging plan, ESD is evaluating the proposal that has been made by a joint venture led by Cirrus Real Estate, "and has asked that Cirrus receive approval from the MTA by June 30.”

I asked the MTA to clarify for me what needs to be approved:
--the Cirrus joint venture's general qualifications to work with the MTA?
--a plan to build the platform, including performance bonds, over the Vanderbilt Yard while preserving MTA/Long Island Rail Road operations?
--a Cirrus takeover of the current payment plan for Vanderbilt Yard development rights?

--a revised payment plan for Vanderbilt Yard development rights? If so, under what terms and timetable?
--something else?

Also, would any or all of this be a simple administrative decision by MTA, or would it require a vote by a committee and then the board?

If so, would it be on the agenda for the June 23 committee meeting(s) and June 25 board meetings?

The payment plan

Updated: I should add that a revised payment plan for development rights might differ from that negotiated in 2009 by developer Forest City Ratner (FCR):

Purchase Price - FCR would pay $20 million in cash for the property upon which the arena would be built. FCR would pay to MTA/LIRR for the air rights parcel an amount equal to eighty million dollars ($80,000,000) net present value as of January 1, 2010, discounted at 6.5% per annum as follows: down payment of $8 million, payable in four equal annual installments of $2 million each on June 1 of 2012, 2013, 2014 and 2015; remainder of the purchase price payable in fifteen annual installments of approximately $11 million each beginning on June 1, 2016.

The timetable, which as now would end with an $11 million payment in June 2030, might be stretched out. 

But the terms might change, as well. If the Cirrus-led joint venture seeks additional buildable square footage, it would/should have to negotiate additional payment to the MTA for air rights. 

That might mean an extended timetable, differing annual payments, and, perhaps, new total of cumulative payments and of net present value. One thing to watch for: would the payment for additional development rights be commensurate with the previous deal, or would it be less (or more)?

MTA non-response

The MTA told me to file a Freedom of Information Law (FOIL) request. The problem with that is that FOIL requests take a long time to generate responses.

So, perhaps some elected officials will query the MTA, as well.

Also, I'll keep watch on the MTA agendas when they're posted.

Keep in mind that when I filed a FOIL request about the payment plan, given that another entity made an annual payment in 2024 for Vanderbilt Yard development rights, I was told that responsive records were being withheld, with the MTA citing a law that states that an agency may deny access to records that “if disclosed would impair present or imminent contract awards or collective bargaining negotiations.”