Groups: Atlantic Yards project is too risky

BROOKLYN - Neighborhood groups rallied against the Atlantic Yards project Monday, which would bring the New Jersey Nets to Brooklyn.

Residents say the arena is a bad fit for the Brooklyn neighborhood and won't bring in as much revenue as the developer, Forest City Ratner, is banking on. Bonds to fund the construction project go on sale later this week.

Protesters claim investors are wasting their money if they purchase the bonds. They say the developer is planning to pay back the bonds with money earned from sponsors, luxury boxes and naming rights, which could be hard to come by if the Nets' record continues to suffer.

Councilwoman Letitia James says there's no guarantee Atlantic Yards will bring in enough money to pay back the bonds, which could put the burden on taxpayers.

advertisement | advertise on News 12

Trending Video

Residents are concerned about the safety of items 1 The Buzz: Safety concerns in wake of 8-year-old boy's death
News 12 asked viewers what they thought of 2 Connecticut Talks Trump: First 100 Days
Kevin Reilly, 8, died after a heavy planter 3 Vigil remembers 8-year-old killed by fallen planter box
Police say Michael Bantel was drunk when his 4 Massapequa man faces DWI charges in fatal crash
News 12 asked viewers what they thought about 5 Hudson Valley Talks Trump: First 100 days

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE