Ratner, Bloomberg sign arena pact

Developer Bruce Ratner signed a pact on Monday promising incentives for the area surrounding his new arena in Prospect Heights. The pact, also signed by Mayor Michael Bloomberg, requires that 35 percent of the 8,500 construction jobs associated with the arena go to minorities. Ratner also promised through the pact to build affordable housing and a daycare center by the arena, which will host his New Jersey Nets. The pact wins Ratner a reprieve from several community groups initially opposed to the arena. more [Daily News]

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