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State Approves Ratner Plans for Arena, Expected to be Ready in 2009

In a major victory for Bruce Ratner, the Empire State Development Corporation Tuesday approved with few reservations the Nets owner's plan for the $3.5 billion Atlantic Yards project, including the team's new arena, in downtown Brooklyn. In its approval, the ESDC said "the proposed project is expected to achieve
long-term State and City goals" and added "the arena is expected to be open in time for the 2009 NBA season".