Appeals court to hear AY eminent domain case

New York’s Court of
Appeals has agreed to hear an eminent domain case over the Atlantic
Yards project, which infuses new uncertainty into the almost $5 billion
development. Developer Forest City Ratner already has a tight schedule
in securing $530 million in tax-free financing for the arena. Based on
a Dec. 31 I.R.S. deadline for the financing, the cost of the arena
would jump by tens of millions of dollars without a tax exemption, and
getting regular financing would be substantially more difficult. The
viability of the project could depend in large part on how fast the
court can turn around a ruling. Ratner recently won approval to acquire
the Atlantic Yards property in stages and spread out payments to the
Metropolitan Transportation Authority, which owns the site.