--Courts again side with Atlantic Yards project and associated public benefitsBROOKLYN, N.Y. and CLEVELAND, May 18, 2009 /PRNewswire-FirstCall via COMTEX/ -- Bruce C. Ratner, chairman and chief executive officer of Forest City Ratner Companies, the New York-based subsidiary of Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) released the following statement regarding the Appellate Division, Second Department, unanimous ruling (issued May 15, 2009) against opponents and upholding New York State's right to use eminent domain given the public benefits associated with the Company's Atlantic Yards development in Brooklyn.
"We're thrilled with this decision, which is the 23rd in a row in favor of the development," Ratner said. "The world has changed significantly since we announced this project in December, 2003. But one thing has never changed - Forest City's commitment to bringing the Nets to Brooklyn and to building an arena and residential community that will bring jobs, affordable housing, entertainment and the excitement of major-league sports to the people of Brooklyn and the entire city of New York."
Ratner said the Company intends to break ground on the project this year, with the goal of having the Nets play basketball in the new Barclays Center arena in the 2011-2012 season. The Company also expects to start at least one residential building during the first phase of construction. In addition to Barclays, which has the exclusive naming rights for the arena, eight other companies have signed on as sponsors.
About Forest City Enterprises, Inc.
Forest City Enterprises, Inc. is a $11.4 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current market conditions on our liquidity, ability to finance or refinance projects and repay our debt, general real estate investment and development risks, vacancies in our properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, volatility in the market price of our publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.
SOURCE Forest City Enterprises, Inc.