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October 29, 2009
Noticing New York: many clouds over the planned bond sale for the Brooklyn arena
Atlantic Yards Report
Michael D.D. White, in his Noticing New York blog, offers a must-read, warning So Many Unchecked Approval Boxes: Why Any Sensible Bond Buyer Should Probably Steer Clear of Buying Atlantic Yards Nets Arena Bonds.
Atlantic Yards is a project with many, many moving parts, and the Wall Street Journal has reported major questions about whether the bonds could get crucial insurance, given questions about the arena's revenue-earning potential.
...The whole article is well worth a read. Surely the Empire State Development Corporation (ESDC) has considered and written off most of the concerns in White's checklist, but they don't go away that easily.
Posted by eric at October 29, 2009 9:52 AM