Tuesday, November 24, 2009

With decision in eminent domain case possible on same day arena bonds are authorized, it could be an interesting Tuesday

By about 9:20 am today, we should know whether the Court of Appeals has ruled in the Atlantic Yards eminent domain case.

If there's no ruling

If there's no ruling, then the 10 am meeting of the Brooklyn Arena Local Development Corporation to authorize arena bonds should be relatively uneventful--except, of course, for the details to be revealed about the mix between tax-exempt and taxable bonds, as well as whether they're to be used for infrastructure.

The board members, as well as staff of the Empire State Development Corporation (ESDC) surely will proceed under the assumption that the court will rule in the state's favor and the bond sale will proceed next month.

If there is a ruling

If the ruling is in favor of the state, then likely there will be a collective sigh of relief among those running the hearing, even if other lawsuits and the challenge of selling bonds in the current market represent potential snags.

And if the ruling turns out to be in favor of the plaintiffs, then expect a rather surreal meeting. Atlantic Yards would have been dealt a near-fatal blow.

Then again, CEO Bruce Ratner told Crain's that, should the court rule in favor of the plaintiffs, "We'll figure something out."

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