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July 2, 2009
Ratner and Brooklyn: Eminent domain and tax-exempt status
Field of Schemes
New Jersey Nets owner Bruce Ratner's quest to build a vanilla, big-box style arena in Brooklyn just got a bit more complicated, with New York's top court allowing a challenge of his desired use of eminent domain for this project to move forward.
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The clock is ticking on Ratner, as he needs to get all his financial ducks in a row and get a ceremonial shovel in the ground by December 31 to be eligible for tax-exempt status.With estimated arena costs at $772 million and capital tough to come by as the economy lurches along, not achieving tax-exempt status could torpedo the project. To hold opponents at bay, perhaps he could threaten local opponents with a decision to bring back the quirky architecture of Frank Gehry if they refuse to back down.
Sports Business Daily, http://www.sportsbusinessdaily.com/index.cfm?fuseaction=sbd.preview&articleID=131436 (subscription only)
Posted by lumi at July 2, 2009 6:35 AM