Mintz, Cohn, Ferris, Glovsky and Popeo, P.C. served as co-bond counsel to the Brooklyn Arena Local Development Corporation in the refinancing of certain bonds issued for the construction of the Barclays Center in Brooklyn, NY. 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 previously represented the Issuer in connection with the initial issuance of bonds for the construction of the arena in 2009, using the “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.

Attorneys from Mintz 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.

The firm was also involved in similar financings for Yankee Stadium and Citi Field in 2006 and 2009.

Leading the transaction on behalf of the Brooklyn Arena Local Development Corporation was Charles Carey, a Member of Mintz’s Public Finance Practice. The Mintz team also included Christie L. Martin, Poonam Patidar, Gregory A. Sandomirsky, and Maxwell D. Solet, Members of the firm’s Public Finance Practice, and James M. McKnight, a Member of the Debt Financing Practice. 

The Brooklyn Arena Local Development Corporation, a New York local development corporation, is the landlord of the Barclays Center under the Arena Lease Agreement with Brooklyn Events Center, LLC.