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September 12, 2008
Down to the Wire for Ratner
Brooklyn Daily Eagle
The New York Times reported yesterday that Forest City Ratner plans to break ground in December on its long-delayed, $4 million Atlantic Yards arena-housing-office project. Skeptics, however, say the worsening economy and a host of lawsuits against the project will make it more difficult to begin. The giant real estate firm has applied for the use of tax-exempt bonds to finance its project. At the centerpiece would be the sports arena, designed for the basketball Nets and now named the Barclays Arena. Atlantic Yards is supported by high-ranking public officials, but a lively opposition movement of neighborhood residents and artists continues to be active.
NoLandGrab: The Eagle failed to mention that the Times reported that Ratner is seeking another $100 million in direct cash subsidies from the City and that Barclays Bank has an option to walk away from the naming-rights deal for the arena if the financing for the arena doesn't close by November.
Posted by lumi at September 12, 2008 4:17 AM