Cavs, Indians Get Public Funds Approved UNC Keeps Smith Center Renovations On Hold Bruins Eye Corporate Events At New Facility Raptors Need One More Vote For Practice Facility Levi's Stadium Dealing With Sod Issues College Facility Notes College Football HOF To Open On Budget Legends-Forest City Deal For Nassau Breaks Down Baylor Hosts Media Tour Of McLane Stadium HOK Acquires 360 Architecture For Undisclosed Price
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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).