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December 8, 2009
Brooklyn Broadside: Two Decisions Will Change Downtown; One Still Awaited
Brooklyn Daily Eagle
by Dennis Holt
Like Vladimir and Estragon, Dennis Holt is waiting, always waiting.
A while back, I noted that there would be two major decisions made in November that would impact development in Brooklyn. These happened, but one of them was a decision not to make a decision. And there was a third decision that few knew was coming.
One of the decisions was made by the state’s highest court. It said, briefly, that Forest City Ratner could use eminent domain to acquire a few properties to build a basketball arena for the Nets.
This pretty much winds up that major legal issue, and other decisions about this part of Atlantic Yards have been made. The state approved the issuance of both tax-exempt and taxable bonds to help build the arena. Rating agencies have subsequently given an investment-grade score for the issuance of those bonds, and they are expected to be sold this week.
It has also been announced that Barclay’s Bank has decreased by $200 million its contribution to the signing aspects of the entire property around the arena. The court’s decision will help Forest City to put together an appropriate financing package.
NoLandGrab: "An appropriate financing package?" We'll see.
Posted by eric at December 8, 2009 7:13 PM