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SBD/Issue 175/Facilities & Venues
Devils Owner Vanderbeek Joins Calls For Izod Center Closing
Published June 1, 2009
|Vanderbeek Says New Jersey Could Sell
Izod Center Property As Real Estate Deal
NO SLEEP 'TIL BROOKLYN: In N.Y., Richard Sandomir noted Forest City Ratner (FCR), which is developing Barclays Center, "still faces legal and financial challenges -- but it contends they have eased enough to unequivocally predict the arena's opening" for the '11-12 NBA season. Nets CEO Brett Yormark said groundbreaking on the arena is "done, inevitable, it's imminent, it's going to happen this year." Yormark: "We're on schedule. There's more certainty than there's ever been." Goldman Sachs Managing Dir Gregory Carey, whose company is co-financing the project with Barclays Bank, said that the "improving economy and brightened financial outlook for municipal bonds pointed to an increasingly likely chance of financing the arena." Carey: "We're in tough times, but it's looking good." However, Sandomir noted FCR must break ground by December 31 to meet the IRS' deadline to "sell tax-exempt bonds," and "if the developer misses the deadline, financing costs will leap." But Yormark said he and FCR Chair & CEO and Nets Owner Bruce Ratner have "never talked about missing that deadline." The December 31 deadline also "appears to loom" for the 20-year, $400M naming-rights deal between the Nets and Barclays. The bank "extended the sponsorship beyond last year because of construction delays," but a company spokesperson "refused to say if it would do so again" (N.Y. TIMES, 5/31).
ALL OPPOSED? The Bergen RECORD's Brennan reported an "often-rowdy, overflow crowd of about 200 packed a Brooklyn auditorium" Saturday for a New York Senate hearing on the Atlantic Yards project, which includes Barclays Center. Construction workers "made up the bulk of the crowd" for the hearing, titled, "Atlantic Yards: Where are We Now, How Did We Get There, and Where is the Project Going?" Many in attendance "used their union-supplied whistles whenever a state official expressed support for the stalled, struggling project" (NORTHJERSEY.com, 5/30).