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About DDDB
Our coalition consists of 21 community organizations and there are 51 community organizations formally aligned in opposition to the Ratner plan.

DDDB is a volunteer-run organization. We have over 5,000 subscribers to our email newsletter, and 7,000 petition signers. Over 800 volunteers have registered with DDDB to form our various teams, task-forces and committees and we have over 150 block captains. We have a 20 person volunteer legal team of local lawyers supplementing our retained attorneys.

We are funded entirely by individual donations from the community at large and through various fundraising events we and supporters have organized.

We have the financial support of well over 3,500 individual donors.

More about DDDB...
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"Why should people get to see plans? This isn't a public project."
Bruce Ratner in Crain's Nov. 8, 2009

Atlantic Yards Arena Bond Sale Still a Big Struggle

From The Bond Buyer subscription required:

Atlantic Yard Bonds May Be Sold, Escrowed: Official
By Ted Phillips

The $700 million of bonds to finance a professional basketball arena at the Atlantic Yards project in Brooklyn could be sold and the proceeds placed into escrow as legal challenges to the project are resolved, an official at the Empire State Development Corp. said yesterday.

“The expectation is that they can be issued,” said Frances Walton, chief financial officer of the ESDC. “It wouldn’t be the first time that bonds have been issued with those types of legal challenges.”

Developer Forest City Ratner Cos. needs to market the bonds before the end of the year or lose the right for them to be sold as tax-exempt bonds. However, the project faces four lawsuits and opponents said yesterday that more may be on the way.
...

The structure and the timing of the bonds are still in flux, Walton said.

Typically an issuer would structure an escrow bond “short term with the expectation that it would be coming out of escrow to be restructured. That’s one of the possibilities they are looking at,” Walton said. “But they’re also looking at the structure with an early call ... if something changes, if the court ruling went against you, you’d just refund the bonds. Those are the two different approaches.”

Forest City Ratner spokesman Joe DePlasco declined to comment on the deal.

The parties have begun talking to rating agencies about the deal, Walton said. An analyst at a credit rating agency yesterday confirmed that discussions had begun.

The project still faces lawsuits over the state’s use of eminent domain to seize private property on behalf of the developer. The New York State Court of Appeals, the state’s highest court, heard arguments earlier this month in that case, brought by property owners and tenants who would be forced to sell their property or be evicted if the project moves forward.

Daniel Goldstein, one of the plaintiffs, said he expects the court to rule on the case in late November. Earlier this month, four state lawmakers, a transit advocacy group, and a coalition of local groups opposed to the project, called Develop Don’t Destroy Brooklyn, filed a suit against the Metropolitan Transportation Authority seeking to annul an agreement to sell the developer the development rights to the Vanderbilt Rail Yards over which a large portion of the project would be built.
...
(Emphasis added.)

It has been reported multiple times prior to this article, that credit ratings talks have been going on for weeks, if not months.

In response to a similar Reuter's article yesterday, NoLandGrab commented:
Actually, according to a Wall Street Journal article two weeks ago, arena bond underwriters Goldman Sachs and Barclays had already "spent weeks in discussions with three credit-rating services and bond insurer Assured Guaranty Ltd. over ratings and terms on the bonds" — and the Journal called the odds of the bond sale succeeding "a toss-up."



Posted: 10.30.09
DDDB.net en español.
Battle for Brooklyn
Screening Schedule

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Unity 4 Community Meeting, June 15th at 388 Atlantic Avenue

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Eminent Domain Case
Goldstein et al v. ESDC
[All case files]

November 24, 2009
Court of Appeals
Ruling

[See ownership map]

EIS Lawsuit

DDDB et al v ESDC et al
Click for a summary of the lawsuit seeking to annul the review and approval the Atlantic Yards project.

Appeal briefs are here.

2/26/09
Appellate Divsion
Rules for ESDC
What would Atlantic Yards Look like?...
Photo Simulations
Before and After views from around the project footprint revealing the massive scale of the proposed luxury apartment and sports complex.

Click for
Screening Schedule
of
Isabel Hill's
"Atlantic Yards" documentary
Brooklyn Matters


Read a review
-----------------------
Atlantic Yards
would be
Instant
Gentrification
Click image to see why:


-No Land Grab.org

-Atlantic Yards Report
-Atlantic Yards Deathwatch
-The Footprint Gazette
-Brooklyn Matters
-Noticing New York
-NY Times "The Local" FG/CH
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-Pardon Me for Asking
-Clinton Hill Blog
-Only The Blog Knows BK
-Brownstoner
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-A Child Grows in Bklyn
-Williamsburg Warriors

-The Real Estate
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-www.DANDOCTOROFF.com
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