One important piece of news lost in the din of election coverage was the federal government’s decision to free up millions of dollars in tax-exempt bonds for the Forest City Ratner (our old friend Bruce) development project at Atlantic Yards.
The ruling gives Ratner access to $800 million in tax-free money to proceed with the construction of a new arena for the New Jersey Nets. The arena is only one part of a controversial $4 billion boondoggle that seeks to transform the yards into a sprawling commercial and residential complex.
But the joke may be on him — not to mention city and state officials that have blown taxpayer money fighting for him — because Ratner still needs to find investors willing to back the bonds. Jay-Z or no Jay-Z, the Nets were a hard sell before the market took a nose dive. With the economy writhing on the table right now, it’s going to be even more difficult to convince people to invest money in a basketball team that went 34-48 last year.
This story, however, has less to with a mediocre NBA team than it does a disreputable Bloomberg administration that snapped up Atlantic Yards by way of eminent domain, then handed it over to a private developer. We think the project has a lot to do with the mayor’s yearning for a third term. This is his legacy, and he wants to ensure its future is secure before he leaves office.
The Atlantic Yards saga will be an important story in the coming year, and Daily Heights will be keeping close tabs on it.
For now, visit Brooklynian.com to participate in the discussion.