Groups: Atlantic Yards project is too risky
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.