A big chunk of financing for Atlantic Yards may be in jeopardy, the Times reports. The IRS is looking to end the days of tax-exempt bond giveaways for pro sports teams’ projects, a form of financing that Forest City Ratner was counting on for its $950 million Barclays Center. The Nets facility is expected to be the most expensive arena in the world. Forest City Ratner had expected to raise about $800 million in tax-exempt bonds. Real estate pros say the arena will be much harder to bring to fruition if the tax-exempt dough doesn’t come through. Forest City Ratner is poised to get more than $2 billion in tax subsidies for Atlantic Yards, according to reports published earlier this year, but the developer says that may not be enough public financing for the project to be realized. The move by the IRS could also impact plans for the new Yankee Stadium in the Bronx among other projects.
A Question Mark Looms Over 3 Expensive Projects [NY Times]
You Pay and the Nets Will Play [NY Times]
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