A New York State Appellate Court will hear an appeal of a decision against landowners and tenants regarding the Atlantic Yards development in Brooklyn, which will include a new arena for the New Jersey Nets (NBA). Meanwhile, Barclays Bank reaffirmed its interest in a $20-milion-per-year naming-rights deal despite uncertainty in the financial markets.
A New York State Appellate Court will hear an appeal of a decision against landowners and tenants regarding the Atlantic Yards development in Brooklyn, which will include a new arena for the New Jersey Nets (NBA).
A group of nine property owners and tenants initally lost their challenge to the public financing of the project, saying it failed to meet eminent-domain guidelines. They appealed, and the Appellate Division Second Department agreed to hear the case, with arguments due Oct. 15. With that schedule it’s highly unlikely the case will be decided until 2009, putting in danger developer Bruce Ratner’s plans for a December 2008 groundbreaking.
Not that the December 2008 groundbreaking was firm, in any case, as the IRS is still deciding whether $950 million in public financing for the project meets federal guidelines for tax-exempt bonds. If not, the entire financing deal could be out the window, and the viability of the entire project, including the arena, be put in serious jeopardy.
Meanwhile, Barclays Bank reaffirmed its interest in a $20-milion-per-year naming-rights deal for the arena despite uncertainty in the financial markets.
