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October 21, 2006
New IRS bond regs could affect Nets arena
Field of Schemes
The Yanks and Mets bonds are long since sold, but the new IRS regs could come into play for the proposed Brooklyn Nets arena, which would use a similar tax-exempt bond plan. Matthew Schuerman of the New York Observer goes so far as to speculate that they may "imperil" the entire Atlantic Yards finance plan, but really, this is just a matter of forcing Ratner (or the public) to pay more to borrow the funds for it. Though it's worth recalling that this same problem - that bond buyers want to know where their money is coming from - is the same one that forced the New York Jets' Manhattan stadium plan to switch from tax-increment financing to fixed PILOT payments back in 2003. At what point might Atlantic Yards be too rich for Ratner's blood? That's between the man and his fleet of accountants.
Posted by amy at October 21, 2006 8:13 AM