Uncertainty, Skepticism Around Arena Bond Offering
There was a lot of discussion last week about the viability and timing of the issuance of debt to finance the construction of Barclay’s Arena, the centerpiece of the Atlantic Yards project. First, on Wednesday, the blog Noticing New York wrote, “We have never seen so many loose ends and approvals that are not in…
There was a lot of discussion last week about the viability and timing of the issuance of debt to finance the construction of Barclay’s Arena, the centerpiece of the Atlantic Yards project. First, on Wednesday, the blog Noticing New York wrote, “We have never seen so many loose ends and approvals that are not in place.” On Thursday, Reuters followed up with an article that quoted the ESDC chief financial officer Frances Walton as saying “The expectation is that they will be issued…We have begun discussions with ratings agencies.” That same day Bond Buyer quoted Ms. Walton as saying, The structure and the timing of the bonds are still in flux, (Two weeks ago The WSJ called the odds of the bond sale going through a “toss up”); the same article also floated the idea that the bonds could be structured with an early call to be exercised in the event that the plaintiffs prevail in their eminent domain case (which is expected to be decided by the end of this month but not before the issuance date scheduled for the week of November 16. Noticing New York followed up with its own analysis on Friday, questioning whether such a structure would threaten the tax-exempt status of the bonds. Meanwhile, the Community Development Financial Institutions Fund, a Federal entity, just gave $55 million to Forest City Community Development Entity, LLC in Brooklyn. As Atlantic Yards Report points out, grants from the Financial Institutions Fund are targeted at “highly distressed low-income communities,” the kind where Ratner plans to sell condos at $1,217 a foot.
ESDC’s Bond Buyer Happy Talk About Arena Bonds [Noticing New York]
So Many Unchecked Approval Boxes [Noticing New York]
Sale of Nets’ Arena Debt Is Tough Shot [WSJ]
NYS Sets Big Bond Sale, Waits on Other Large Issues [No Land Grab]
Atlantic Yard Bonds May Be Sold, Escrowed [Bond Buyer]
Bond Buyer Article Excerpted [DDDB]
Forest City Gets $55M [AYR]
Photo by Tracy Collins
Actually, a lot of people do still care.
DDDB – no it isnt an “easy fact” – you cite – you OWN website as proof. Hardly a verifiable source – additionally as you yourself note this isnt $55M being given to FCR as the above article says- it is a tax credit which is far different and may apply to the affordable housing component – I dont know – and apparently neither do you.
All you did is do a google search, found the press release, and then said – “The Sky is Falling, They are giving another $55M to AY”, then underneath this inflamatory headline you put some dicta about talking to someone at ESDC…..there is clearly alot more to this than you imply, but you have your agenda and cannot be trusted to do unbiased objective research, and lord knows if I spent my time chasing down the validity of everyone of your tabloid accusations I’d be as unemployed as you (without the trustfund)….
You know what – maybe FCR is getting $55M in under the table payola – but thats the problem with yelling and screaming like a hysterical madman all the time about everything – after awhile no one cares…..
FSRQ, the $55 million tax credit is completely allocated for AY. That is, at least, according to the ESDC.
http://atlanticyardsreport.blogspot.com/2009/10/forest-city-gets-55m-in-federal-tax.html
Not fungible, not made up. Just a quick and easy fact.
It actually looks like a George Foreman grill to me.
It actually reminds me of a pocketbook I once had. the row of windows even looks like the zipper it had.
Yes, I was rather shocked by the apparently very inappropiate disbursement of $55 million. Was that handed to them in one go or is just a promise? What? Are they on life support and need injections of millions just to keep afloat?
I agree, there often is a LOT of traffic at that intersection. It can already be a mess weekends and certain times of weekdays. How in heck could any more traffic be handled?
Although I’ve not a huge Gehry fan, I really would have preferred something exciting-looking instead of this rusted post-apocolyptic, sci-fi movie, spaceship docking station (AKA Brown Handbag On Its Side).
What is there to “say”
Obviously the bond sale is no slam dunk – so what – is this news???
And the $55M as far as I can tell (granted only cursory but I do have job unlike Messier Goldstein) is NOT allocated for AY – of course DDDB’s argument is that “all money is fungible” – which of course in this context is kinda like a ‘slippery slope argument’ – it sounds good as a sound bite but on closer inspection doesnt hold much water.
Thing looks like a giant panini press.
you don’t have to be a “fiscally conservative republican” to see a waste of money when it slaps you in the face. In fact many of the so-called fiscally conservative republicans don’t see it either. There was an article today about how those Texas Republicans who “opposed” the stimulus funds are now raking it in more than Democrats.
I didn’t know there were so many fiscally conservative Republicans on Brownstoner. Normally in NYC I’m used to hearing about how government dollars spent in the private sector, or to stimulate “shovel-ready” projects is a good thing for jobs, or has a GDP multiplier of 1.5.