[NYguy]

https://www.silive.com/news/2018/09/ny_wheel_applies_for_an_extens.html

NY Wheel applies for an extension to get the project back on track

Sep 4, 2018

After being given 120 days to get the New York Wheel project back on track, the developers of the 630-foot tourist attraction are asking for an extension.

The NY Wheel was given a Sept. 5 deadline in Delaware Bankruptcy Court to take steps -- such as hiring a new contractor -- toward recommencing construction of the project.

In court papers filed on Tuesday, the NY Wheel said it wants to extend the Sept. 5 deadline pursuant to an agreement currently being prepared.

The NY Wheel issued the following statement to the Advance:

"The New York Wheel is in the process of negotiating an amendment to the settlement agreement, including extending the standstill period. In connection with the amendment negotiations, all parties have agreed to extend the Sept. 5, 2018 deadline in the settlement agreement until, at least, Sept. 11, 2018, so that the amendment can be negotiated."

Although the project is entirely funded by private investors, Mayor Bill de Blasio said at a recent town hall meeting that City Hall would get involved to help see a resolution for the embattled New York Wheel.

However, he recently told an Advance reporter that it's the city Economic Development Corporation (EDC) that could help move the project along.

Said EDC: "We are having ongoing conversations with the Wheel developer in the hopes of moving the project forward."

The property on which the Wheel is to be constructed is under the jurisdiction of the EDC.

When asked what would happen to the property if the Wheel is not built, the agency released the following statement:

"We remain hopeful that the developer will find a way to deliver this project for the people of Staten Island and New York City. Should the developer not be able to deliver the project, we would engage local stakeholders and community members to gather their thoughts and vision for the future of the site."