Funding dispute stalls Kingsbridge redevelopment
Plans to redevelop the Kingsbridge Armory into the world's largest ice rink slipped this week when city officials declined to hand over the keys to the building over concerns about the developer's financing.
The city's Department of Economic Development says the developer has not yet secured $158 million for the project's first phase of funding.
The developer says it has $20 million from private investors and that the rest will come in the form of a loan from the Empire State Development Corporation, which has promised to finance a loan of $138 million.
Lawyers for the Kingsbridge National Ice Center say the state money has already been secured, but city officials say only $15 million of that loan has been dispersed.
Officials pushed back the deadline for the developer to come up with the funds to April 25.