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July 01, 2009
Ratner and Brooklyn: Eminent domain and tax-exempt status
New Jersey Nets owner Bruce Ratner's quest to build a vanilla, big-box style arena in Brooklyn just got a bit more complicated, with New York's top court allowing a challenge of his desired use of eminent domain for this project to move forward.
For those in the Brooklyn neighborhood, The Empire State Development Corporation plans public hearings at the New York City College of Technology on July 29 and July 30.
The clock is ticking on Ratner, as he needs to get all his financial ducks in a row and get a ceremonial shovel in the ground by December 31 to be eligible for tax-exempt status.
With estimated arena costs at $772 million and capital tough to come by as the economy lurches along, not achieving tax-exempt status could torpedo the project. To hold opponents at bay, perhaps he could threaten local opponents with a decision to bring back the quirky architecture of Frank Gehry if they refuse to back down.
This project will get done . Nets will be in brooklyn by 2010.
Posted by dan on July 1, 2009 02:29 PM
This project will get done . Nets will be in brooklyn by 2011.
Posted by dan on July 1, 2009 02:29 PM
When pigs fly!
Posted by Steve on July 1, 2009 06:45 PM
dan, even bruce doesn't claim 2010 because that is impossible. don't be silly dan!
Posted by jon on July 2, 2009 10:23 AM
Dan, only if they're taking a bus from Newark.
Posted by LeftWingCracker on July 2, 2009 06:45 PM
Eminent Domain is evil. Nothing good can come of a project where homes and businesses are forcibly taken from their owners.
Posted by Chris on July 9, 2009 09:42 AM