Atlantic Yards, the Nets, and the Times
Atlantic Yards seems to be in the hot seat this week due to the Court of Appeals case that began on Wednesday regarding the state’s use of eminent domain to acquire land for the development project. Here’s a round-up of recent comments, from the Atlantic Yards Report, the Wall Street Journal, and Develop Don’t Destroy…
Atlantic Yards seems to be in the hot seat this week due to the Court of Appeals case that began on Wednesday regarding the state’s use of eminent domain to acquire land for the development project. Here’s a round-up of recent comments, from the Atlantic Yards Report, the Wall Street Journal, and Develop Don’t Destroy Brooklyn. The WSJ points out that if the Yards wins in court, its next big challenge will be “selling the development to a skeptical bond market.” The $700 million bond sale needed to fund the project comes at a time when sports spending is receding and the bond market is still shaky. The article adds: “If developers of the Atlantic Yards project don’t issue bonds by Dec. 31 to fund the arena’s construction, the debt will lose tax-exempt status, which would kill the project.” And concerning the arena’s prospective occupants, the Nets basketball team, the Atlantic Yards Report writes that there’s some jostling in New Jersey regarding what to do with the team until it moves to Brooklyn. Regarding legal matters, the Report also questions why Assemblyman Hakeem Jeffries didn’t join the lawsuit against the MTA for its dismissal of due process during the sale of land to developer Forest City Ratner, especially since his neighboring assemblymembers, Jim Brennan and Joan Millman, did join. Jeffries said that participating in the lawsuit would compromise his power of advocacy, but the Report wonders if he’s simply hedging his bets. Finally, several sites made a stink that The New York Times failed to run a print article about the opening arguments of the eminent domain case on Wednesday. Develop Don’t Destroy Brooklyn wonders whether the Times is avoiding the topic because its Manhattan tower was built with the use of eminent domain.
Sale of Arena Debt Is Tough Shot [WSJ]
WSJ Calls Arena Debt a ‘Toss Up’ [AYR]
Newark Mayor Booker Focuses on Temporary Nets Move [AYR]
Jeffries Agrees with Plaintiffs But Won’t Join Them [AYR]
Something Is Wrong at the Times [DDDB]
Photo by Tracy Collins
Watermellon, I would love the Nets here in Brooklyn.. but that’s not the point. That was one of the worst, UNamerican court decisions ever – both the right and the left agree on this.
Governments DO NOT have a constitiional right to use Eminent Domain to take property from a private citizen to give it to another. Would you feel the same if the city/state/Fed Gov’t took your house or business, said it was a “blight,” gave you pennies on the dollar, not to build a hospital, school, or a highway but to a politcally connected private developer for profit? If you do, god help us all.
The return of major league sports would be a great thing for Brooklyn. With the Nets the Islanders are not far behind, along with great concerts and events. More importantly, a space that is useless and blighted becomes a job factory, and more important, tax collecting zone.
As for the court case, the USSC already decided in the New London case (as well as half a dozen others). Governments clearly have a constitutional right to use eminent domain in situations like this.
The last ten years – on every major topic that affects the basic freedoms of Americans, the Times has been on the wrong side: Eminent domain, term limits. That hatchet job on John Mc Cain and his wife (and believe me, I’m not a fan of theirs or a Republican.) Outside of the upper west side and park slope where it’s read as gospel, the paper is a joke.
the D-O-N-E-D-E-A-L people are beginning to sound autistic.
Jeffries has been so awful! I can’t believe I miss that hack Roger Green.
D-O-N-E-D-E-A-L!!!
slopefarm – if you think that jscheff would let research slow down his daily anti-AY agenda then you haven’t been paying much attention recently.
I’m actually impressed with that paragraph from NY Mag. That’s probably the best summary of this project I’ve ever seen. Of course NY magazine will be worthless once AY is built…
Wow – from the word on the street it always seem so guaranteed. I guess it is not that way at all.