Norman Oder at the Atlantic Yards Report explains that, while Forest City Ratner plans on going ahead with the arena even if the IRS changes the rules relating to tax exempt bonds, losing the bonds would probably result in a loss of about $165 million to the developer.
The Atlantic Yard Report also has two stories about the IRS rules, for those of you interested in the nitty gritty of the bonding issues and why it's been called a tax loophole. See As IRS moves to close "loophole," ESDC fights for AY funding scheme and Rep. Kucinich asks IRS, Treasury to hold off on approving financing deal for AY arena, other projects.
