Bonds for New Nets Arena Sell Swiftly

Tuesday, Dec 15, 2009  |  Updated 6:45 PM EDT
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Bonds for New Nets Arena Sell Swiftly

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Not many smiles around the Brooklyn Nets any more.

A plan to move the New Jersey Nets to Brooklyn has gotten a boost from Wall Street.

     Investors quickly bought out $511 million in tax free bonds that went on sale Tuesday to pay for part of the much-delayed project.
    
Nets principal owner Bruce Ratner says the strong sales are a sign that investors have confidence in the project and the city.
    
Ratner and his development company hope to finish the arena by 2011. They eventually plan to add apartment towers and office buildings to the site.
    
Opponents of the project had hoped the bond-sale would fall flat and thus doom the project
    
Some Brooklyn residents say the city is wasting money on the arena and wrongly seizing people's land and homes to benefit a private developer.

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