Clarion Content

Brooklyn's Atlantic Yards

Despite all of the Clarion Content's negativity it appears the New Jersey Nets are moving forward in their efforts to move to Brooklyn's Atlantic Yards. There are still hurdles to clear. The first shovel full of dirt won't be turned in time to interest free-agent LeBron James, but developer and Nets owner, Bruce Ratner, signed 640 documents relating to the closing on the project yesterday, according to a report in the New York Times. The Times also noted that $511 million in tax-exempt bonds for the planned arena were put into an escrow account. The state of New York petitioned courts to condemn large parts of the 22-acre site, including some parcels owned by residents who oppose the project and the state’s autocratic and unconstitutional use of eminent domain.

Labels: NBA, sports, Sports Economics