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November 18, 2009
Court ruling on Nets' Brooklyn arena looms
The Bergen Record
John Brennan reports on the countdown to the court ruling that will put wind in the sails of developer Bruce Ratner, or be the ultimate project buzz-kill.
New York's highest court resumed session Tuesday, and spokesman Gary Spencer said rulings are issued on Tuesdays and Thursdays. If the court doesn't rule this week on the project's proposed use of eminent domain at the Brooklyn site, the court's release dates for rulings next week would be Monday and Tuesday because of the upcoming Thanksgiving holiday.
The court could take until as late as mid-December to announce its decision, but most of the 25 cases heard in October are expected to be ruled upon this month.
Here's what's at stake:
If the court allows the project to go forward, that will accelerate a scramble by the developer, Forest City Ratner, to beat three Dec. 31 deadlines:
The expiration date of an Internal Revenue Service ruling that would grant tax-exempt status for $600 million or more in bonds issued for construction of the Nets' arena in Brooklyn.
The end of a one-year extension granted by arena title sponsor Barclays Bank to remain committed to its reported 20-year, $400 million naming rights deal.
The deadline for the Nets to inform the New Jersey Sports and Exposition Authority whether it intends to leave the Izod Center for Newark's Prudential Center for the 2010-11 season.
If the court decision favors the plaintifs, the project would come to a screeching halt.
Posted by lumi at November 18, 2009 6:54 AM