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March 15, 2005
As Manhattan Stadium Drags On, Brooklyn Arena Also Looks for a Leg Up
Bond Buyer: Scrutinizing Ratner's plan to finance the Nets arena using Payments In Lieu of Taxes (PILOT) to pay off the bonds.
No dollar amount has been set for the PILOT-backed bonds that would be issued to finance part or all of the arena have been estimated at $450 million to $600 million.
"We haven't discussed anything publicly about bonds at all," Ratner spokesman Barry Baum said regarding the level of tax-exempt bond financing the developer would seek.
Posted by lumi at March 15, 2005 7:03 PM