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July 25, 2006
Letter to the editor: Taxpayers shouldn’t pay for Nets arena
Metro NY
LARRY PENNER • Great Neck
Aside from placing the proposed Nets arena in "downtown Brooklyn" (if built, the arena would be near "downtown" in Prospect Heights), our region's most prolific letter-to-the-editor writer Larry Penner, makes some good points and asks some serious questions about taxpayer-funding of Ratner's Atlantic Yards plan.
Regarding “Protesters: Arena on slippery slope” (July 17): The article concerning developer Bruce Ratner’s plans to build a new stadium for the Nets in downtown Brooklyn was most informative.
In too many cases, projects like this one have been heavily subsidized by taxpayers, commonly known as corporate welfare. Between direct government funding, indirect infrastructure improvements, low interest loans and long-term tax exemptions — the bill to taxpayers ends up being greater than the benefits. There also is a relationship between pay-to-play campaign contributions from developers to elected officials looking for favorable legislation, permits, subsidies and support. Is there any relationship between these donations to elected officials and their reciprocal endorsement of this project?
If the Atlantic Yards project is so worthwhile, shouldn’t major developers such as Ratner be able to finance it using his own funds, obtain loans from banks, issue stocks or bonds? Why the need to pick the pockets of taxpayers to pay a significant portion of the bill? Real business people who believe in capitalism build their companies on their own. How sad that some don’t want to do it the old-fashioned way: sweat and hard work. They are looking for shortcuts in the form of huge subsidies at taxpayers’ expense and favors from elected officials.
Posted by lumi at July 25, 2006 12:16 PM