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Ratner's Tax-exempt Atlantic Yards Bonds Worth $165 Million in Savings
We asked here: Why is Bruce
Ratner telling NY1 "we don't see really a problem...there's
not a problem" with new IRS regulations while his surrogates are
in Washington lobbying for an IRS waiver so he can receive triple-tax-free bonds
for his arena? Norman Oder provides the answer on his Atlantic Yards Report.
Its pretty simple: Ratner was just doing some not very subtle spinning. They
do have a problem if they can't get their triple-tax-free bonds—a $165
million problem.
From the Atlantic Yards Report:
The
$165 million difference: why Ratner can't play it cool about IRS rules
Given perhaps $165 million in savings at stake,
Forest City Ratner CEO Bruce Ratner seems curiously unperturbed about the
possibility that new Internal Revenue Service restrictions would limit the
amount of tax-exempt bonds for the planned Atlantic Yards arena.
NY1 reported
Friday:
"We don't see really a problem,” said
Ratner. “You know if the regulations don't change, do change, whatever
the regulations will do, we'll be able to finance this. We've been assured
of that. We've been working on it over the last two months, and it will take
another three or four months to finish the documentation, but there's not
a problem.”
While Ratner's playing it cool, his company is surely lobbying hard, along
with city
and state officials, to ensure that the long-contemplated plan to issue
tax-exempt bonds that would be repaid by PILOTs (payments in lieu of taxes)
will go forward.
...
So Ratner may tell the press that the arena might go forward with taxable
bonds. But surely Forest City Ratner's investment plan assumes tax-exempt
bonds and the attendant savings.
Click
for the full article and to find out how Oder calculated the $165 million.
Posted: 6.14.08
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