The ruling upholds the state's right to use eminent domain, given the public benefits associated with the Atlantic Yards development in Brooklyn. It also paves the way for the Brooklyn Arena Local Development Corp. issuance of bonds to assist Forest City Ratner Cos. in financing the design, development and construction of the Barclays Center, an arena intended to house the Nets basketball franchise.
ESDC says while it has secured investment grade ratings, the agency is in ongoing discussions with ratings agencies and bond issuers. An ESDC spokesman says in a statement that "in addition to the investment grade rating, we anticipate there will be taxable bonds as well. Details will be released once documents are finalized." He adds "there will be a formal mid-December closing" and "we anticipate marketing the bonds prior to that time."
FCRC says in a statement that construction activity on the yards will continue, with the intent that the Nets will play ball in the Barclays Center in the 2011-2012 season.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
