‘Stimulus’ Bill to Save… Brooklyn Nets?


The Nets made the mistake of leaking this idea before the money was approved. They were supposed to save such discussions until after Congress passed it. That said, once states start divvying up the cash that Barack Obama wants to give them, you can bet the Nets — and a host of other franchises — will start lining up for a share of the pot:

The future of Atlantic Yards –Brooklyn’s biggest development project — could hinge on President Obama’s $827 billion stimulus plan.

City and state officials say they expect developer Bruce Ratner to lobby hard for a piece of the federal pork to help bail out his reeling $4 billion plan to bring an NBA arena and 16 residential and office towers to Prospect Heights, which is in jeopardy because of the economic downtown.

Borough President Marty Markowitz, the project’s biggest cheerleader, said yesterday that funds from the stimulus bill should go to offset arena construction, and especially aid Ratner in a revamp of Long Island Rail Road’s Vanderbilt rail yard.

“This project is shovel-ready, and the jobs it would create are needed now,” said Markowitz, adding Atlantic Yards would also boost businesses nearby.

With hundreds of billions to spend, the federal government might just buy Los Angeles an NFL team — or help the Nets lure LeBron James to their taxpayer-financed Brooklyn home.


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4 Comments Leave a comment

Overbuilt

ss396 Friday, February 13th at 11:20AM EDT (link)

A big chunk of the problems with real estate prices is that we supposedly are vastly over-built. TARP I and TARP II are supposed to be working very hard on dealing with that problem So using stimulus money to build even more residential and office towers makes perfect sense, doesn’t it?

Sola scriptura, Sola fide, Sola gratia

A great point

Jack_Savage (Diary) Friday, February 13th at 11:24AM EDT (link)

Jamming more inventory into the market is a GREAT way to make sure existing property holds its value. Of course, if you are being subsidized, it doesn’t matter.

This is great – the project is “which is in jeopardy because of the economic downturn.” That is the market screaming “NO!” in their ear, and they are too stupid to realize it. I guess the contracts to demolish the place after it fails would create jobs too.

 
 

I hope some of that money comes to the Redskins...

JadedByPolitics (Diary) Friday, February 13th at 11:39AM EDT (link)

so we can build a Super Bowl caliber team!

/snark off

Dan Snyder is the perfect liberal Democrat . . .

Hancock Friday, February 13th at 11:43AM EDT (link)

as he believes that more money is always the solution to any problem in the NFL. He spends more on free agents than anybody (stimulus) and also has the highest ticket prices, seat licenses, parking fees, and more merchandising than anyone else (taxes). And just like tax and spend in government, it doesnt work for Dan either. (its ironic he is a Republican and runs his team like a Democrat. I’m a Steeler fan, and Dan Rooney loves Obama but runs his team like a Republican and they win)

He would be the last guy I would give a bunch of money to for spending in pro sports. His track record is miserable.