PDA

View Full Version : Deal for Nets' arena site reached



ecorrea
06-22-2009, 06:39 PM
NEW YORK -- Developer Bruce Ratner will pay the Metropolitan Transportation Authority $20 million up front and another $80 million in installments for the right to use land it owns to build a basketball arena in Brooklyn that would house the New Jersey Nets.

Originally, Ratner was to pay the MTA $100 million upon closing for development rights to rail yards it owns.

Under the deal that was presented to the MTA finance committee on Monday, Ratner will pay $20 million at closing and then make additional payments until 2031.

A state agency also plans to vote this week on financing for the arena and the rest of the Atlantic Yards project.

The developer recently said it would build a cheaper, scaled-back arena without star architect Frank Gehry. Ratner has struggled to find financing in a crippled real estate market.

Kobedidit2009
06-22-2009, 06:43 PM
if jarvis hayes comes to brooklyn im going to the nets games every night they play haha!!!!!!