April 08, 2004
Uh-oh, pronoun trouble
The New York Daily News is having some trouble understanding the tax-increment financing behind Bruce Ratner's Brooklyn Nets arena plan, first reporting last week that it "would be paid for with mostly private funds" and then today asserting that "developer Bruce Ratner plans to spend more than $500 million on a new arena for the Brooklyn Nets, making it the most expensive home court in NBA history." In fact, Ratner would spend no money of his own on the arena, instead using $28 million a year in sales and income tax rebates to pay off the arena construction debt - all of which was explained in the Paper of Record two and a half months ago.
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