2005_07_cashmoney.jpgThe bids for the Brooklyn railyards
have been made public: Bruce Ratner's bid for the land to build a Nets arena and skycraper is $50 million in cash - though it's worth $369 million when other parts of the development would be factored in - while the Extell bid for lower buildings is $150 million in straight up cash. While it seems like the MTA could really use the cash from Extell, Ratner would spend $245 million to build a new LIRR storage facility and a new LIRR platform. And there's also question about how much in public funds would used by each bidder: Extell says it'll spend $150 million in public funds, while Ratner would spend around $200 million from a few sources. What's interesting is that the contested land is valued at $214.5 million, according to an MTA appraisal, which means that the MTA still isn't getting the true value. Man, the MTA cannot catch a break.

The MTA has said it could decide on the bids this week; Develop Don't Destroy Brooklyn, which supports the Extell bid, recommends the MTA spend more than two days to deliberate and postpone any voting until September.