Posted on 06/15/2005 10:14:56 PM PDT by GAGOPSWEEPTOVICTORY
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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