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April 23, 2005
Experts: Arena will burden Brooklyn
From the Brooklyn Papers:
Planning, transportation and budget experts say developer Bruce Ratner’s proposed Atlantic Yards basketball arena, housing and office skyscraper project could overburden transit lines, clog streets with traffic and reduce pedestrian access.George Sweeting, deputy director of the Independent Budget Office (IBO), noted early on that, along with the $200 million that has been offered to the developer by the city and state for the project, Ratner’s Forest City Ratner Companies would also be eligible for tax exemptions by the city.
“Depending on what he’s eligible for, he won’t pay taxes for anywhere from 16 to 24 years,” said Sweeting, who clarified that any other developer would be eligible for the same breaks.
He also pointed out the sale of city land to Forest City Ratner for $1.
Posted by amy at April 23, 2005 1:35 AM