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November 24, 2009

FOREST CITY RATNER PRESS RELEASE: FCRC Statement on NYS Court of Appeals Ruling on Eminent Domain Lawsuit Filed by Opponents of Atlantic Yards in Brooklyn

Courts Again Side with Atlantic Yards: Jobs and Affordable Housing to Come to Brooklyn

BROOKLYN, NY—Bruce Ratner, CEO and Chairman of Forest City Ratner Companies, issued the following statement today regarding the NYS Court of Appeals ruling in favor of the Atlantic Yards project in Brooklyn.

The Court's ruling upholds the State’s right to use eminent domain given the public benefits associated with the Atlantic Yards Development in Brooklyn.

“Once again the courts have made it clear that this project represents a significant public benefit for the people of Brooklyn and the entire City,” Mr. Ratner said. “Our commitment to the entire project is as strong today as when we started six years ago. Today, however, this project is even more important given the need for jobs and economic development.”

Mr. Ratner said construction activity on the yards will continue, with the intent that the Nets will play ball in the Barclays Center in the 2011-2012 NBA Season.

In addition to Barclays, which has the exclusive naming rights, eight companies have signed on as founding partners for the arena.

The courts have ruled consistently in favor of the development. Mr. Ratner explained as well that the arena and larger development are expected to create 16,924 union construction jobs and over 8,000 permanent jobs. The tax revenues that will be generated for the City and State during the construction period are expected to exceed $240 million and after construction reach approximately $70 million a year.

NoLandGrab: 8,000 permanent jobs?! That number is only inflated about three times over from the latest plan, and without the proposed office tower — Ratner himself asked a Crain's reporter a few weeks ago "can you tell me when we are going to need a new office tower?" — the true number is likely fewer than 1,000.

Posted by eric at November 24, 2009 2:50 PM