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June 25, 2006
Nets arena taps $100m, sun's life-giving rays
Field of Schemes
The state of New York has approved $100 million in subsidies for developer Bruce Ratner's Atlantic Yards project, which would include a Brooklyn basketball arena for the New Jersey Nets, according to the New York Post. The money, said the Post, was included in a last-day-of-session budget agreement - the New York legislature loves to vote on controversial bills then skip town before anyone notices - by which "Gov. Pataki set aside $34 million of economic-development pork money he controls, while the Assembly and Senate committed $33 million each." Presumably this means that the money is coming out of various discretionary funds, instead of via the normal budget process - I'll see what I can find out once legislators are back in their offices tomorrow.
Posted by amy at June 25, 2006 8:44 PM