Friday, June 18, 2010

Bad stadium deal by EDC screws City

From the Daily News:

The private developer chosen by the Bloomberg administration to run the new $340 million Yankee Stadium parking system is two years behind on its city rent.

As of this month, Bronx Parking Development LLC owes the city $8.7 million in back rent and interest. That tab will soon grow to more than $10million because city officials have allowed the firm to defer the rest of this year's rent as well.

Meanwhile, Bronx Parking, which has no connection to the Yankees, has yet to pay a nickel in property taxes.

When the city and state originally unveiled plans in 2005 for a new Yankee Stadium, they also agreed to increase the number of stadium parking spaces to 9,000 - a key condition of Yankees executives for staying in the Bronx.

The state contributed $70 million in cash for new garages, while the city donated park land and provided tax-exempt financing.

At the time, everyone promised the new garages would produce annual rent revenues for the city at least equal to the $3million the old garages generated. But deep in the fine print, the city inserted a provision that allowed the developer to defer any city payments in years where cash flow was insufficient.

"Last year, occupancy [for the garages] was lower than the analysis predicted," said David Lombino, a spokesman for the city's Economic Development Administration. "As the economy improves, we can expect that occupancy would improve."

Don't hold your breath.


Lino said...

".. a key condition of Yankees executives for staying in the Bronx."

Gee, where and when have I heard that one before..only throughout the 80's 90's right up till they got this sweet package from the city.

I'am truly sick of these private companies threatening to take their operations out of NYC.

Sports teams are particularly bullshit. Take the Yanks over to New Jersey and they lose easily 1/3 of their marketability and value. Jailbird Steinbrenner knows this, it is why he always quietly rebuffed enticements from Jersey over the years.

New York City location is a huge value added in prestige/marketability yet we grovel at the threat of these owners taking their sweaty overgrown children's games elsewhere.

Call their damn bluffs. No shortage of replacements will line up..ON OUR TERMS.

Anonymous said...

If you don't pay your rent - out you go!

Alan said...

Six years Ago!

Anonymous said...

EDC are land grabbing assholes!

Anonymous said...

EDC are land grabbing assholes!

Anonymous said...

Thats ok. We can take the money out of programs in Queens.

Their representatives don't care and the public is as passive as they are clueless (to say nothing of being POLITE!).

Anonymous said...

EDC are land grabbing assholes.

Funny, don't say that to our elected officials or our weeklies in Queens.

They are the only ones that are ignoring the obvious.

D. Truth said...

Six years Ago!


Holy Crap! Did you hear what Bloomturd said at :58? Listen to the audience reaction. They thought he must be telling the truth but as we have all seen---HE LIED!!! Oh yeah, he also got re-elected to a 2nd term shortly after that town hall meeting.

Anonymous said...

Mayor Moneybags supports the EDC in their efforts. Why do we need the EDC anyways?
Other supporters of the EDC include dumb broads like super-cunt, Amanda Burden and the shameful Kathryn Wylde.

Anonymous said...

Bloomtard lies and the city dies!