IRS rules threaten future of New York basketball arena

06/13/2008 | NYTimes.com

Internal Revenue Service rules could threaten the development of the $950 million Barclays Center, an 18,000-seat basketball arena for the Nets, according to New York City officials. The project is the centerpiece of Atlantic Yards, a residential and commercial complex in Brooklyn. The IRS rules were originally implemented after New York used tax-exempt bonds to build new baseball and football stadiums.

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