Nets owner gets land deal for Brooklyn
Nets owner gets land deal for Brooklyn
The New York developer trying to bring the New Jersey Nets to Brooklyn has gotten approval for a land deal he said was necessary to keep the project on track.
The Metropolitan Transportation Authority voted yesterday to give Nets owner Bruce Ratner what amounts to a big price break on the development rights for a rail yard where the arena is to be built.
Originally, Ratner's company was to pay $100 million for the rights to build over the rail yard. The new deal will let him pay only $20 million up front, with the remainder in installments over 22 years.
Critics of the arena have been outraged by the deal, which they say lines Ratner's pockets at the expense of both the transit agency and people losing their homes to the project.
Noteworthy
* As expected, Minnesota and Washington finalized the trade that sent former Villanova star Randy Foye and fellow guard Mike Miller to the Wizards in exchange for the No. 5 pick in tonight's draft as well as forwards Etan Thomas, Darius Songaila and Oleksiy Pecherov.
* Portland acquired the No. 22 pick in tonight's draft from Dallas in exchange for No. 24 and two second-rounders.
* Cleveland Cavaliers guard Tarence Kinsey Jr. has been charged with drunken driving in Tampa. Hillsborough County Jail's online records show that Kinsey was arrested for DUI early Wednesday and later released on his own recognizance.
* A Massachusetts company has sued Nike and the Naismith Memorial Basketball Hall of Fame, claiming it has been cut out of the sportswear business related to Michael Jordan's upcoming induction into the Hall of Fame. SportsFuzion Inc. claims it has exclusive licensing rights to the Hall of Fame's logos, trademarks, designs and photos for use in sportswear. *
