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March 4, 2005
Brooklyn Arena to be Built With Bonds
WNYC's Andrea Bernstein sheds some light on the taxpayers tab for Ratner's arena:
The developer of the proposed Brooklyn Nets Arena will be asking for hundreds of millions of dollars in tax free bonds to construct the $500 million arena.
They say the $2.5 billion project is unprecedented for an outerborough. But they acknowledge there's a public cost to all of this on top of the $200 million the city and state will pay for infrastructure inprovements.
The developer, Forest City Ratner, hopes to get hundreds of millions of dollars in tax free bonds which it would essentially pay back with its own property taxes. A Forest City spokesman also says Ratner will ask for an undetermined amount of housing subsidies and tax breaks for the affordable housing.
NoLandGrab: Folks, FCR wants hundreds of millions of dollars to finance a project of "unprecedented" scale, with no local review process, real community input or legislative oversight.
Posted by lumi at March 4, 2005 4:46 PM