$107M in 'NET' Worth

[Shapecity]

<div class="quote_poster">Quote:</div><div class="quote_post">September 7, 2005 -- Developer Bruce Ratner's controversial plan to build an NBA arena, office towers and residential buildings in Brooklyn would generate $107 million in surplus for the state, city and MTA over the next 30 years, according to the city's Independent Budget Office.
An IBO analysis of the $3.5 billion project to develop the Atlantic rail yards and 13 acres of adjacent land in Downtown Brooklyn found it to be a surprising slam dunk for taxpayers.

"Despite the generally poor return for public investments in sporting facilities," the project's fiscal impact is "positive," largely because Ratner's New Jersey Nets would relocate and attract their fan base to Brooklyn on game days, according to the 12-page report, which was released yesterday.

It also says that once the arena opens, it would generate $7.5 million in new city tax revenues annually ? half of which would come from sales tax.

The news comes while Ratner's company, Forest City Ratner, is trying to finalize a deal to purchase development rights of the 8.3-acre rail yards from the Metropolitan Transportation Agency.

The MTA board on July 27 passed a resolution authorizing the agency to negotiate exclusively with Ratner for a 45-day period ending Saturday, in the hopes he'll raise his $50 million offer. The MTA has the land appraised at $214.5 million. </div>

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[Ma3oxuct]

My father works for the MTA and I can tell you one thing about the company: It is full of a bunch of crooks in the high positions. Technically the MTA should not be charging so much for that piece of land in Brooklyn. Since the MTA is owned by the state, the state should help Ratner pay for the property for a reasonable price.

That aside, I knew that as soon as I heard of Ratner's plans of the Nets moving to Brooklyn would be positive for both the team and the citizens of New York State. First the Nets finally gain a good new stadium (the Meadowlands really stinks), second, the team finally will be located in a place where people can actually travel more easily to, and third the tax revenue that was mentioned in the article.

 

[thedude9990]

ehh medowlands is pretty bad they do need a new staduim butits crazy the price hes paying and wats gunan suck is that the tax payers of brooklyn will have to pay more in tax, but it really doesnt matter to me weither there in brooklyn or nj cause brooklyn and east rutherford are both like 45-60 min away from my house

 

[Brasco]

are most fans of the nets in jersey pissed that the team is leaving, or will they still suport it? wouldn't that be like minnesota nba fans still rooting for the lakers.

 

[kobimel]

I'll still support the Nets, even if they move to Brooklyn, just like a did last year when I moved from NJ to Israel. I really think the Nets need to move out of the Meadowlands, that place is one of the oldest arenas in the league, and probably one of the worst, too.