Monday, November 16, 2009

ESDC: "we expect to release bond terms in the next two weeks"

OK, last week I reported that the Empire State Development Corporation (ESDC) might not put Atlantic Yards arena bonds on the agenda until mid-December. The New York Observer's Eliot Brown reported that "the project is running into trouble at the ratings agencies."

Now Reuters quotes the ESDC (likely the same source I quoted):
"Forest City Ratner Companies, along with Goldman Sachs, is in talks with rating agencies and finalizing the bond structure," a spokeswoman for the Empire State Development Corporation said by email. "The offering statement is being finalized; we expect to release bond terms in the next two weeks."
Well, "expect to" is not the same as "will." First, it's not clear whether the ratings agencies are on board. And surely the bond sale would go more smoothly if a Court of Appeals decision comes down--as is expected, in the coming weeks--in that pesky eminent domain case.

Probably more people than Jane Marshall are feeling the pressure.

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