LEGAL NEWSLINE

NEW YORK (Legal Newsline) - New York Attorney General Eric Schneiderman announced a settlement Tuesday with Forest City Ratner Companies LLC, the developer of the Yonkers-based Ridge Hill complex, to resolve allegations of unauthorized parking meter operation.

The Brooklyn-based Forest City Ratner allegedly installed 113 parking meters on the streets of the Ridge Hill complex, operating the meters between October 2011 and January. The meters were not authorized by the Yonkers City Council, a requirement under state law. The developer allegedly rebuffed efforts by city officials to have the meters removed for over a year.

While the meters were operational, Forest City Ratner's net revenue was $204,000. Under the terms of the agreement, the entire amount will be disgorged by Forest City Ratner.

"We are pleased to resolve this matter and return much needed funds to the city of Yonkers and its residents." Schneiderman said. "Like everybody else, real estate developers must follow the law, and I appreciate their cooperation in resolving this matter."

Under the terms of the settlement, Forest City Ratner will immediately pay $154,000 to Schneiderman's office, which will turn the money over to the city of Yonkers. Forest City Ratner will also set up a $50,000 account to reimburse claimants for parking meter fees. After a year, any money left in the claim fund will go to Yonkers.

Forest City Ratner will also issue refunds to 31 motors who paid parking fines for a total reimbursement of $981.