Partner Milton Wakschlag Quoted in Project Finance on Stadium Financing

Milton Wakschlag, a partner in the firm’s Public Finance Practice, was quoted in an article in Project Finance on the tax aspects involved in financing the development of a stadium such as the one proposed for the NBA’s New Jersey Nets. The developer of the arena, Forest City Ratner, hopes to finance up to $700 million of the project’s estimated cost of $900 million with a tax-exempt bond issue before the bond deadline at the end of this year. “The question is what is considered too early in a given case, and what degree of confidence the public authority and developer has in a project becoming a reality,” Mr. Wakschlag says. “There is a whole constellation of factors, including the developer’s equity exposure, among others, that the IRS will take into account.” (“Nets arena snags equity, bonds near market,” September 2009)