bonds
IRS to Bruce Ratner: No Way!
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.
Atlantic Yards | bonds | Gail Brewer
