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Bench Warmer
The New York developer trying to bring the New Jersey Nets to Brooklyn has gotten approval for a land deal he said was necessary to keep the project on track.
The Metropolitan Transportation Authority voted Wednesday to give Nets owner Bruce Ratner what amounts to a big price break on the development rights for a rail yard where the arena is to be built.
Originally, Ratner's company was to pay $100 million for the rights to build over the rail yard.
The new deal will let him pay only $20 million up front, with the remainder in installments over 22 years.
Critics of the arena have been outraged by the deal, which they say lines Ratner's pockets at the expense of both the transit agency and people losing their homes to the project.
The Metropolitan Transportation Authority voted Wednesday to give Nets owner Bruce Ratner what amounts to a big price break on the development rights for a rail yard where the arena is to be built.
Originally, Ratner's company was to pay $100 million for the rights to build over the rail yard.
The new deal will let him pay only $20 million up front, with the remainder in installments over 22 years.
Critics of the arena have been outraged by the deal, which they say lines Ratner's pockets at the expense of both the transit agency and people losing their homes to the project.
