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November 30, 2009

ESDC: no tax-exempt bonds for infrastructure will be issued

Atlantic Yards Report

The Empire State Development Corporation (ESDC), says the Brooklyn Arena Local Development Corporation is not going to issue tax-exempt bonds for Atlantic Yards infrastructure, as documents prepared in September suggested (as I reported this morning).

The ESDC issued a statement:

ESDC was at one time considering additional tax exempt bonds for infrastructure financing. Ultimately ESDC decided not to pursue that type of financing. Last week’s Board authorization of last week is the only financing under consideration by the Brooklyn Arena Local Development Corporation. Additional details of the bond sale will be released once documents are finalized. There will be a formal mid-December closing and we anticipate marketing the bonds prior to that time.

I'm several hours late posting this because I was in transit, but the ESDC had a day and a half last week to tell me that the plan was off.


NoLandGrab: OK, did they only decide "not to pursue that type of financing" after Norman Oder wrote about it? Why are we having a hard time trusting anything that comes out of the ESDC?

Posted by eric at November 30, 2009 10:58 PM