Property Owners Caught in the Nets
Sports teams are the worst when it comes to eminent domain:
New Jersey Nets owner Bruce Ratner, eager to move the National Basketball Association franchise to Brooklyn in 2008, announced Monday he had finalized a Community Benefits Agreement with eight neighborhood organizations.
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The developer's effort to move out of Continental Arena also received a boost Thursday from the U.S. Supreme Court. By a 5-4 margin, the court recognized economic development as a legitimate reason for communities to seize property under their right of eminent domain. While Ratner already has acquired most of the land in the project area, some opponents have owed never to sell.