By Stephen Witt (Special From OurTimePress.com)
Assemblyman Walter Mosley said this week he has concerns that whoever buys out Forest City Ratner’s share in both the Brooklyn Nets and the Barclays arena also lives up to all the promises of the community benefits agreement (CBA) signed with community stakeholders when the Atlantic Yards project (now dubbed Pacific Park) was first developed.
“Unfortunately, I have never had the opportunity to meet with the CBA (signatories) from the community and I’m in the process of setting up meeting with them,” said Mosley. “Something that I plan to bring up with them is that whoever buys the arena and team upholds those promises of the arena benefits in terms of (community) tickets and use of the facility. I will make this a priority given that this was one of the few things (FCR President Bruce Ratner) was able to come through in his promise.”
Mosley represents the area in the state assembly. City Councilwoman Laurie Cumbo, who represents the area in City Hall, offered no comments or opinions on the matter. When pressed, she said to call Mosley and Congresswoman Yvette Clarke, who represents the area in Washington.
Mosley’s comments came after it was widely reported this week that FCR is marketing both its 55% majority interest in the Barclays Arena that is home to the NBA’s Brooklyn Nets, and for the company’s 20% ownership stake in the team.
The arena reported $21 million in operating income in the first six months of 2014.
When asked how any sale would affect the CBA, a company spokesman would only say: “Our goal is to identify a strategic partner as we continue to capitalize on the great performance of Barclays Center and the promise of Nassau Coliseum. The current management team will continue in its existing role.”
The move comes on top of FCR selling 70% of its holding for the rest of the massive Pacific Park project to China’s Greenland Holding Group. This part of the project calls for 6,400 units of housing, including 2,250 units of affordable housing and an office building.
A source close to FCR said the expectation remains that any strategic partner the company brings in or sells to in terms of the team and the arena must live up to the CBA and all agreements with the local community.
The source also noted that FCR and Greenland expect to break ground on the project’s second housing building in December and that the entire building will consist of affordable units.
