Posted on 06/15/2005 10:14:56 PM PDT by GAGOPSWEEPTOVICTORY
NEW YORK - Babe Ruth got a short right-field porch in the original Yankee Stadium. Alex Rodriguez won't be getting similar assistance in New York's new $800 million ballpark.
"A-Rod doesn't need any help," Yankees owner George Steinbrenner said Wednesday as the team unveiled plans for the ballpark it hopes to move into in 2009.
Flanked by New York City Mayor Michael Bloomberg and New York Gov. George Pataki, Steinbrenner did not make a formal statement but responded to questions. Since he bought the team in 1973, the Yankees had examined several ballpark alternatives, including a move to New Jersey or to Manhattan's West Side — the site where the NFL's Jets hoped to have a stadium before the plan collapsed this month.
"We've had a lot of different things in front of us, whether we go over to there, over here," Steinbrenner said. "But we decided to stay in the Bronx and do the job for the Bronx."
Much of the hour-long news conference was dominated by politicians congratulating each other for the plan, which the Yankees hope gains approval in the fall from the state Legislature and City Council. The new ballpark will be just north of the current stadium, which opened in 1923, and the Yankees hope to break ground next spring.
"They're not the Westchester Bombers, they're not the Manhattan Bombers, they're certainly not the New Jersey Bombers," Pataki said. "They're the Bronx Bombers and they're going to be in the Bronx for a long, long time to come."
It will be just the third privately financed stadium in the major leagues since Dodger Stadium opened in 1962, joining the San Francisco Giants' new ballpark (2000) and the park the St. Louis Cardinals are to move into next year.
Working with Goldman Sachs and Bank of America, the Yankees intend to pay for the ballpark by having a local development corporation created by the city and state issue 40-year tax-free bonds. The bonds will cost about $50 million annually for the team to pay off, with the exact depending on interest rates at the time of the issue.
The team estimates its annual stadium expense will increase from $22 million to $68 million, money that will be deducted from its locally generated revenue when calculating revenue-sharing payments to major league baseball.
Assuming the revenue-sharing rules don't change substantially after the current collective bargaining agreement expires in December 2006, the ballpark payments will cut the revenue-sharing money some teams otherwise would receive.
"They may be the only unhappy people as a result of this deal," Yankees president Randy Levine said.
Yankee Stadium is the third-oldest ballpark in the major leagues, trailing only Boston's Fenway Park (1912) and Chicago's Wrigley Field (1914). The Red Sox intend to keep improving Fenway.
"We can't spend all our time worrying about what might or might not be in the Yankees' plans," Red Sox president Larry Lucchino said. "I say, 'Good luck' to them. We chose a different path, one that we think will enable us to compete with them, because money ain't everything."
The Yankees unveiled a model of the ballpark, which on the outside will be treated with limestone and resemble Yankee Stadium prior to its 1974-75 renovation. It will seat from 50,800 to 54,000, with about 30,000 seats in the lower deck, an increase of approximately 10,000. The field dimensions will remain as they are currently, and the bullpens will be moved back to right field. Monument Park will move to the new ballpark, and a stadium club will be added above it.
Levine said the new ballpark also will be called "Yankee Stadium," but that the team may sell naming rights and have the ballpark called "Yankee Stadium at `X' Plaza." Steinbrenner said the team rejected having a retractable roof.
"There was a discussion, but the cost was very extraordinary," he said.
Yankees captain Derek Jeter didn't think the team would lose any of the advantage it holds at Yankee Stadium.
"It's the team, it's the stadium, it's the atmosphere," he said. "It's going to be a new stadium, but it's going to be the same atmosphere."
Tampa Bay manager Lou Piniella, a former Yankees manager and player, said a new ballpark was in order.
"It's been a wonderful place — and it still is — to play. But for fans' convenience and the luxury suites and all those things, yeah, I think it's time," he said.
Because the new stadium is in what currently are Macombs Dam and John Mullaly parks, the city will spend $135 million to develop 28 acres of new parks and sports facilities, including six acres along Harlem River. The current Yankee Stadium field will be used for Little League, high school, college and softball, and the dugout and some stands might be kept.
There also will be tennis and handballs courts, a basketball court with bleachers and soccer field surrounded by a running track and seating.
The state will spend $70 million for four parking garages that will increase parking from about 7,000 to approximately 11,000.
Bloomberg, who announced a new ballpark for the Mets on Sunday, said the city had spent $30 million on Yankee Stadium upkeep over the last five years and would realize $350 million in revenue and savings from this deal over the next 30.
In New York, lawsuits and construction delays often postpone openings. Even if the ballpark is ready in 2009, that's a long time away for many.
"I could be three teams removed by then," Red Sox manager Terry Francona said.
Either way, by privately financing it, they get out of having to pay some of their corporate welfare transfer payments to teams like Kansas City and Pittsburgh, who pocket the money instead of spending it for a good quality product on the field. Hopefully they tastefully keep the old park and that the new park comes as advertised.
Yankee Stadium should be put on the National Historical Register so it could not be torn down or changed. They do it to homes around here all the time.
Ruth did not need the short porch in right field. And in fact he was a power hitter in right center field, which was a lot longer in Yankee Stadium then most fields at that time.
RCF was brutal in the pre-1970s renovation that robbed Yankee Stadium of some of its charm.
I agree something needs to be done with the old place. However, it would cost a fortune to maintain the place over time. A stripped down area may be a good solution. Could you imagine being able to roam centerfield like DiMaggio once did? That would be way cool.
Not exactly. The state's kicking in $70 million for the parking, and it appears that the city is giving them some public parks upon which to build. The value of the land isn't given, but the city is spending $135 million on replacement parks. So the public cost is over $200 million so far. (I'll bet there are also some hidden infrastructure improvement costs as well.)
So the "private financing " is at least 20% taxpayer money, and likely far more.
The so-called "public" costs are for infastructure improvments to the area, some of which were promised to the Yankees and were never built since the original stadium was refurbished in the 1970s (the Metro North Station for example).
Besides ceding parkland to the Yankees and allowing tax exempt financing for the new stadium, the Stadium itself will be entirely privately financed.
As far as the $70 million for parking goes, the state will receive all parking revenues, recouping some, if not all, of the money they outlay with those revenues.
As far as the parkland goes, it makes sense for the city to do this because: 1) they have to under NY law if parkland is used for other purposes, and 2) it is part of a broader strategy to rebuild and revitalize the South Bronx area, which is ripe for development as most of Manhattan is renewed already.
Let's see, $800M for ten thousand new seats in the lower deck -everything else stays the same- except for a new stadium club
. That costs about $80,000 a new lower deck seat. Could it be that the motivation for building a new stadium actually lies elsewhere?
Tampa Bay manager Lou Piniella, a former Yankees manager and player, said a new ballpark was in order. "It's been a wonderful place — and it still is — to play. But for fans' convenience and the luxury suites and all those things, yeah, I think it's time," he said.
Gee, do you suppose it could have been motivated by the luxury suites? I wonder how many new seats in all will be created? With stadium clubs and new boxes, you don't need a roof, except for the bleacher seats...
Take me out to the ballgame.... I went to Yankee stadium many times as a kid, before they improved it to death in '72 and I saw DiMaggio and Mantle, Ford and Berra. I do not begrudge the franchise a new set of luxury boxes but why do we have to pretend the move is otherwise than it probably is? Because we the tax payers are fronting the money at low interest.
I have a luxury condominium project overlooking the Harlem River with breathtaking views in the penthouses and upper floors, can I get the tax payers to raise some bond money for me? My friends intend to open business manufacturing firearms in NYC, can they get some bond money? Maybe a cigarette company?
I think it appropriate to consider $800 million in tax-free bonds a substantial public subsidy. At 5%, that would amount to several million annually that the State of New York won't get its hands on.
And, because the money "invested" in the New Yankee Stadium can't be put into more risky enterprises like dot-coms, the potential for generating additional taxes is also diminished.
Public financing of sports facilities is, in general, a losing proposition for the public. The more debt the public assumes, the bigger the loss.
At least in this case the bulk of the money will be raised privately, even if it is by a tax-free bonding canard.
Some experts, whom I happen to agree with, think that the Yankees' current stadium is actually Yankee Stadium II. If you look at the 1974-1975 "remodeling" project in detail, you could conclude that the original 1923 stadium was demolished and a replica built in its place. That was the only way they could get rid of the view-obstructing pillars, improve access to the upper decks, improve the lighting (by replacing the UD facade with a ring of lights, which was a shame).
Also, that "remodeling" took two whole years. Most stadium remodeling jobs are completed in one off-season, with time off for winter weather.
The new replica will undoubtedly by great, but can't they get the UD facade back?
So do I. But if Person A is allowed to float tax-free bonds to finance his project in a way that Person B is not, then yes -- it is a subsidy.
I like it, but they should continue the outer limestone facade to cover those exposed metal girders on the upper part. It makes it look like that UFO that landed in Soldier Field.
The one remodel that was done right on a historic field, was Lambeau Field. What a great place, with all of the new improvements, but they were able to keep it's historic charm; it still feels like Lambeau Field.
The Yankees find a way to get around their huge salaries- build a stadium and deduct the cost from the payroll. This is so slick that it makes a working class stiff laugh. The Rich are Different.
Your money but not my money? All "money" should be treated the same, with no preference to "public works",or "special" favors... This deal may be less "sweetheart" than others (take Baltimore, for instance), but its still "sweet".
Yea, they get to continue signing the most expensive players but now they won't have to kick in any revenue sharing back to the league, and meanwhile getting a brand new stadioum in the deal!! Ain't that fair!!
BUMP
Yankee spokesman George Costanza said that on opening day, the first 20,000 fans will recieve a free set of snow tires.
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