The New Coney Island - Brooklyn's Times Square by the Sea

Wednesday, December 2, 2009

Brooklyn Nets Win Again

NY Times Excerpt -New Nets Arena Wins Another Court Challenge

Published: December 1, 2009

The developer Bruce C. Ratner won another court challenge to his $1 billion basketball arena in Brooklyn on Tuesday, just as he began the sale of the bonds for the long-delayed project.

The financial underpinnings of the project, the cornerstone of the 22-acre Atlantic Yards development, also emerged on Tuesday when two rating agencies assigned an investment grade rating for $646 million in bonds for the project. In addition, the developer and his partners will use a $131 million subsidy from the Bloomberg administration and invest $293.4 million of their own to build the 18,282-seat arena at the intersection of Atlantic and Flatbush Avenues.

Mr. Ratner, who is already doing construction work on portions of the site, plans to start selling the bonds this month and to take possession of the entire property early next year. The arena is expected to be completed by June 2012, when the New Jersey Nets would move from East Rutherford, N.J., to Brooklyn.

At the same time, the Court of Appeals declined to hear an appeal from some property owners who said the state’s decision to condemn their land would benefit a private developer, rather than the general public, as required by the New York Constitution. Last week, the Court of Appeals ruled six to one that the state could exercise eminent domain in claiming businesses, public property and private homes for economic development projects like Atlantic Yards.

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