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Kingsbridge Ice Center Developers Reject City's Compromise Offer

The city offered a 99-year lease, but with certain conditions

As expected, the drama surrounding the Kingsbridge Ice Center is getting more complicated. Just a day after the developers behind the center filed a lawsuit against the city for delaying the project, the city extended an olive branch, only for the developers to reject it, the New York Times reports.

The de Blasio administration was willing to give the developers a 99-year lease on the project, but of course, there were limitations as well. If the developers were unable to secure the $158 million required for the first phase of funding by December 30th of this year, they would have to abandon the project.

Lawyers for the Kingsbridge National Ice Center (KNIC) said it was too little too late. One of the lawyers told the Times that it was disappointed that the city had only chosen to resume communication once the lawsuit was filed.

The developers have secured $20 million in private funds. They were promised a $138 non-binding construction loan from the state, from which only $15 million is available right now. The city wants to see all the funds secured for the first phase, before construction moves forward, and the developers say they can't raise the requisite funds without obtaining the lease.