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May 20, 2009
Atlantic Yards, Finance Footrace
The NY Observer
By Eliot Brown
Though Forest City Ratner has cleared an important legal hurdle, there are still "numerous loose ends": tax-exempt financing, the deal with the financially strapped MTA, mounting losses for the Nets, and additional modifications to the project.
...the clock is ticking. Forest City Ratner has until the end of the year to get financing for the arena, the key part of Atlantic Yards, at which point the cost of doing so will rise substantially for the firm, headed by Bruce Ratner. The firm is professing new confidence, saying it will be able to secure financing and get shovels in the ground. But there are still many balls in the air, including negotiations with the city and M.T.A., and the uncertainties warrant keeping the Champagne in storage for quite some time to come.
Check out the rest of the article to learn more about bumps in the road for Ratner.
Posted by lumi at May 20, 2009 6:46 AM