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December 24, 2009
Atlantic Yards Deal Closes
The Bond Buyer
by Ted Phillips
The Brooklyn Arena Development Corp. on Wednesday closed on the sale of $511 million of tax-exempt bonds to partially finance the controversial $1.06 billion Barclays Arena in Brooklyn.
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The bond proceeds will be put in escrow while the state works to assemble the properties needed for the site through eminent domain. ...Also on Wednesday, Sen. Bill Perkins, D-Harlem, announced he had made a formal request to New York Attorney General Andrew Cuomo for a legal opinion on whether the Empire State Development Corp., the lead agency on the project, had complied with all necessary legal and statutory requirements of the state’s public authorities laws.
Last week Perkins called on Gov. David Paterson to halt the sale after raising questions about the deal’s legality under state law.
Paterson spokeswoman Marissa Shorenstein said in a statement Tuesday night that, “the governor’s Counsel has reviewed Senator Perkins’ letter regarding Atlantic Yards and does not agree with Senator Perkins’ analysis.”
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Additional coverage...
NY Post, Ratner closes on Atlantic Yards
As developer Bruce Ratner finally closed on his long-delayed Atlantic Yards project in Brooklyn, state officials today wasted little time kicking off eminent domain proceedings to seize private land the arena and housing project needs.
AP via CBSSports.com, Developer signs key docs for controversial Brooklyn complex
Plans to build a new arena for the New Jersey Nets as part of a massive development are gaining momentum after six contentious years, but opponents say they'll keep trying to stop the massive project.
...Supporters say Atlantic Yards will transform a rundown railyard area near downtown Brooklyn into a bustling complex of office towers, apartments and the 18,000-seat arena. The project will create thousands of jobs and affordable apartments, Ratner says.
But some local homeowners, tenants and business owners say it will destroy a neighborhood to enrich private interests in the name of public benefit.
Opponents say they will fight the condemnation proceedings, which a state economic-development agency formally launched Wednesday. The state's highest court last month approved the use of eminent domain -- the government's condemnation power -- for Atlantic Yards.
Brooklyn Daily Eagle, Bloomberg Cheers Ratner; Opponents Continue To Fight
Reaction to the news of the closing, from both supporters and opponents of Atlantic Yards, was predictable.
Mayor Michael Bloomberg said, “While the rest of the country wrings its hands about the national recession, we’re building our way out of it. The $4.9 billion Atlantic Yards project — the most extensive development ever undertaken in Brooklyn — is moving forward, bringing thousands of units of housing and thousands of jobs for New York City’s middle class.”
Borough President Marty Markowitz didn’t have a statement by press time, but he has been a strong supporter of the project from the beginning.
But Develop Don’t Destroy Brooklyn, a group of local residents adamantly opposed to the project, called the closing premature and said in a statement, “The property owners and tenants fighting to keep their homes and businesses will vigorously challenge the legal papers filed by the ESDC today. There are also two outstanding lawsuits against the project that would stop it cold.
The New York Times, Gains for Atlantic Yards
Posted by eric at December 24, 2009 12:04 AM