Thursday, January 8, 2009

City paying even more (& getting more?) for stadiums

The city has released a cost/benefit analysis of the new Yankees and Mets stadiums, as the city plans to issue a fresh set of tax-free bonds for the projects.

For the Yankees project, costs directly to the city are up substantially since the last analysis in 2006 (from $34.3 million to $209.5 million, excluding new parkland that has also risen in cost); though, somewhat curiously, so too are benefits (from $173.1 million to $438.3 million). The Mets figures showed less of a disparity, as costs were up from $91.4 million to $128.8 million, while benefits went up from $139.3 million to $199 million.

The new numbers are in 2009 dollars, while the prior figures were in 2006 dollars.

The increase in benefits, the city said in its analysis of the new Yankee Stadium, comes as the city is now counting “several project elements that were not known about in sufficient detail to be included in the 2006 analysis,” including parking garages and a new Metro North station. Increased spending on construction would also boost city tax revenues.

City: Costs (and Benefits) of Yankees, Mets Stadiums Increase

The Yankees' $95 million in extras includes $14.2 million for a scoreboard, $10.7million for a giant video board and $10.4 million in luxury suite upgrades.

The team wants more money to make room for two restaurants, a New York Yankees Steakhouse and a Hard Rock Cafe.

Yankees swing for bling in new plan

1 comment:

Anonymous said...

The city must see some type of ball game gambling scheme in the future.