Well, while local and state level politicians have show their willingness to give Bruce Ratner anything he asks in exchange for empty promises Ratner is already backing out of, the IRS took a muct more skeptical look at Ratner's demands. And they have refused to qualify Ratner's overdevlopment of Brooklyn for triple tax-exempt bonds. This is a big blow to Ratner. This comes from Develop, Don't Destroy Brooklyn:

Bruce Ratner's Barclays Center Arena Not Qualified for Tax-exempt Bonds Under Today's IRS Ruling

New York, New York -- The IRS today issued a long awaited decision on the regulation of triple tax-exempt bonds. Forest City Ratner’s Atlantic Yards Barclays Center Arena is reliant on $800 million in triple tax-exempt bonds.

Today’s ruling, including the rule titled “transitional rule for certain projects substantially in progress,” disqualifies the developer, Bruce Ratner, from getting these bonds for his $950 million arena.

"Ratner does not qualify for the tax-exempt bond he wants under the IRS ruling's requirements. There was no official government action on the Atlantic Yards arena prior to October 19, 2006 as required by the ruling. The project's approval was in December, 2006. There were also no 'significant expenditures' on the arena prior to the October date as required by the ruling," said Develop Don't Destroy Brooklyn spokesman Daniel Goldstein.

The IRS ruling can be downloaded at:

http://www.dddb.net/documents/IRS/IRS_REG.PDF

Meanwhile, DDDB just held their annual walkathon and apparently raised $45,000 for legal fees in their fight against Ratner. Joy, Jacob and I have participated in each and every walkathon. They are always fun and are supporting our community.

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