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November 8, 2008
U.S. government bails out Bruce Ratner
dailyheights.com
One important piece of news lost in the din of election coverage was the federal government’s decision to free up millions of dollars in tax-exempt bonds for the Forest City Ratner (our old friend Bruce) development project at Atlantic Yards.The ruling gives Ratner access to $800 million in tax-free money to proceed with the construction of a new arena for the New Jersey Nets. The arena is only one part of a controversial $4 billion boondoggle that seeks to transform the yards into a sprawling commercial and residential complex.
But the joke may be on him — not to mention city and state officials that have blown taxpayer money fighting for him — because Ratner still needs to find investors willing to back the bonds. Jay-Z or no Jay-Z, the Nets were a hard sell before the market took a nose dive. With the economy writhing on the table right now, it’s going to be even more difficult to convince people to invest money in a basketball team that went 34-48 last year.
Posted by amy at November 8, 2008 7:53 AM