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High Court Says Atlantic Yards Can Proceed

NEW YORK CITY-With the State Court of Appeals having spoken, a bond sale is planned to finance the centerpiece arena; opponents vow to keep fighting.

By Cody Lyon | Updated on November 24, 2009

NEW YORK CITY-By a 6-1 margin, New York State’s highest court put its stamp of approval on Bruce Ratner’s proposed 22-acre Atlantic Yards project Tuesday morning, approving the Empire State Development Corp.’s use of eminent domain to clear the project’s footprint of resident holdouts. Despite the latest green light, opponents pledge more roadblocks to the project that has evoked the sort of passion and division not seen in Brooklyn since Walter O’Malley took the Dodgers to Los Angeles.

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.”

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