« Rep. Kucinich asks IRS, Treasury to hold off on approving financing deal for AY arena, other projects | Main | Scraping the Sky, and Then Some »

June 15, 2008

So Ratner DOESN'T need tax-exempt bonds?

This week, Forest City Ratner performed an incredible high-wire act.

News that Atlantic Yards could further get bogged down if highly coveted triple-tax-exmpt bonds don't come through, undermined the development company's official posture that Atlantic Yards is a done deal.

From the Daily News:

A spokesman for Forest City Ratner, which is building the Nets' Brooklyn arena, said Ratner would break ground on the $950 million arena later this year even without tax-exempt bonds.

This no-worries pr strategy undermines the justification for the lucrative tax-exempt bond financing scheme.

Based on the un-named spokesman's statement, developer Bruce Ratner CAN build Atlantic Yards without the tax-exempt bonds, he's just looking for more free money.

Posted by lumi at June 15, 2008 6:34 AM