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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