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tel/fax:
718.362.4784
Please note our new postal address when sending
contributions to the legal fund:
121 5th Avenue, PMB #150
Brooklyn, New York 11217
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.
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"That Money Has to Come From Somewhere"
The NY Times article on the Barclays naming rights payday for Bruce Ratner
has some very interesting quotes. Also the article claims the arena cost is $550
million, whereas since July, 2006 the developer and the Empire State Development
Corporation (ESDC) have stated that the price tag is $637 million. And that number
doesn't even include the debt service on the arena bond which will be much higher.
The Times article also fails to mention the fact that currently the legal
viability of the arena is under review by a federal court.
Now let's get this straight and clear. The ESDC called this a public arena, so
why does this payday go to Ratner? Well The Times article explains it
very well, from this anonymous source, aka "one of the people with knowledge
of the deal," commenting on how the arena would be paid for:
“That money has to come from somewhere,” he said.
Well, that explains it. But seriously, perhaps that somewhere should be Forest
City Enterprises, its shareholders and Nets'
investors.
Some more fascinating quotes:
...The city’s deputy mayor for economic development, Daniel
L. Doctoroff, called the sponsorship deal particularly impressive given
that Barclays does not even have retail banks in this country.
“To have an international investment bank without a major local presence
to invest the way they are in the image of Brooklyn and the
image of New York just is a remarkable vote of confidence,” Doctoroff
said yesterday. “The idea of using Brooklyn and New York
to build a global brand is one that we think is a very wise investment.”...
Thanks Dan, indeed a lot of us have been feeling used. Great way to promote local
(or even national businesses). Sure, it suits the "image of Brooklyn and New York"
under the guidance of Deputy Mayor Doctoroff: eminent domain abuse, sweetheart
backroom deals for friends of the Administration, sops to developer friends with
no regard for the communities of the city and land grabs.
And finally:
...Brian Schecter, an analyst who tracks naming rights for Kagan Research,
said that while he did not know the details of the deal, it sounded
like a good one for Forest City...
Indeed. Congrats Forest City!
Read
the full article.
As reported in the article there is a noon time press conference today (Thursday)
at the Brooklyn
Museum of Art to announce this lucrative agreement between the Ohio-based
Forest City Enterprises and the London-based Barclays Bank.
Posted: 1.17.07
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