- Created the Brooklyn Arena Local Development Corporation
- Construction and Permanent financing for the Barclays Center in 2009
- Advance refunded nearly all of the Bonds in 2016
- Assisted the Corporation in the modification of the principal documents to facilitate the sale of a minority interest in the Brooklyn Nets
- Served as bond or special securities counsel in similar financings for Yankee Stadium and Citi Field
Mintz has served as outside counsel and lead bond counsel to the Brooklyn Arena Local Development Corporation (the “Corporation”) in connection with the financing and subsequent refinancing of the Barclays Center in Brooklyn, New York. The Barclays Center is home to the Brooklyn Nets and New York Islanders and serves as a venue for other entertainment, cultural, sporting, and civic events.
Mintz represented the Corporation in connection with the initial issuance of bonds for the construction of the Barclays Center in 2009, using a “Payments in Lieu of Taxes” (PILOT) bond structure. In 2006, when the IRS published regulations prohibiting the PILOT bond structure, it grandfathered the financing of and refunding issues for the Barclays Center. Using this structure, an interdisciplinary Mintz team worked on the financing and refinancing of the Barclays Center. Members from our Public Finance Practice assisted with the day-to-day operations of the transactions and attorneys from our Tax Practice addressed a number of tax-related issues which arose during the refinancing process. In 2018, Mintz worked with the Corporation to make certain changes to the principal finance documents to facilitate the sale of a minority interest in the Brooklyn Nets.
In 2016, we closed $478,665,000 PILOT Revenue Refunding Bonds, Series 2016A, and $15,000,000 PILOT Revenue Refunding Bonds, Series 2016B (Federally Taxable), advance refunding substantially all of the bonds issued in 2009 to fund the Barclays Center. In 2018, we worked with the Corporation to incorporate certain changes in the principal financing documents requested by the NBA in connection with the sale of a minority interest in the Brooklyn Nets.
Leading the transaction on behalf of the Brooklyn Arena Local Development Corporation (landlord of the Barclays Center) was Charles Carey, a Member in the firm’s Public Finance Practice. The team also included Christie Martin, Poonam Patidar and Gregory Sandomirsky, Members of the firm’s Public Finance Practice.