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November 18, 2009
Eminent Domain Ruling Expected Soon...What Will it Mean?
Develop Don't Destroy Brooklyn
The Court of Appeals ruling on the property owners and tenants challenge to the abuse of eminent domain for Atlantic Yards is expected to come down as soon as this week and certainly within the next 2-3 weeks.
We expect the Court to rule in the plaintiffs' favor, so they can keep their homes and businesses.
If the Court does, the project is dead.But if the Court rules against the plaintiffs,
the fight against the project is far from over.Remember, the fight against the project is about many issues. So should New York State get the right to seize these properties and give them to Ratner, there are still three other outstanding lawsuits against the project and more expected. Ratner is still struggling to meet his end of year IRS deadline to issue his tax-exempt arena bond, contending with chastened and wary bond credit rating and insurance agencies, and a skeptical bond market.
Governor Paterson will also have to decide if he wants his legacy to be a New London dust bowl in Brooklyn.
The community wins if the Court rules against eminent domain, but Ratner doesn't win if the Court rules for eminent domain. He just lives to see another day and the project will have to be stopped a little further down the road.
That, of course, will require your continued support for our work.
Please stay tuned...
Posted by eric at November 18, 2009 11:37 PM