« Gallof: Brooklyn Going After Islanders Hard, Making ‘Aggressive Sales Pitch’ | Main | Forest City Enterprises stock jumps after decision to shift focus »
February 4, 2012
Super Bowl 2012: Are Sports Stadiums Ripping Off Cities?
International Business Times
By Roland Li
No story about public financing of sports facilities would be complete without a mention of the poster child of wasteful public spending: Atlantic Yards.
But the most controverial arena has been Forest City Ratner's Barclays Center at Atlantic Yards in Brooklyn. Conceived in the early 2000s, the project received $511 million tax free bonds in 2009, but had to clear lawsuits challenging the use of eminent domain to seize private property. A design by Frank Gehry was later dropped in favor of SHoP to cut costs, and prefabricated steel is being used on residential towers for more savings. The arena is set to open later this year.
NoLandGrab: Let's see: Government subsidies and use of eminent domain and all we get is a money-losing arena? I do believe we've been ripped off.
Posted by steve at February 4, 2012 3:03 PM