City Hopes to Draw Constant Traffic to Subsidized Stadium Garages

204323366_9c872ffaba.jpg 

If you thought it was bad enough that the city seized public park land in the asthma-choked South Bronx, turned that public land over to the New York Yankees to use for parking, and is currently on course to have taxpayers subsidize said parking to the tune of $8,000 per space, well, you’d be wrong. It gets worse.

The triple tax exempt bond plan for the new Yankee Stadium was hatched when no developers stepped up to bid on stadium parking deck construction, and their inherent unprofitability has now led the city’s Industrial Development Agency to seek year round operation of the garages.

Via onNYTurf, the Observer does the math:

If all the new parking slots (9,179 total) are
filled every game day (81 times a year), the operator will bring in
$18.59 million annually from Yankees-related revenue. But the $225
million in bonds, if paid back over 30 years at 6.5 percent, would
require $17.04 million a year in payments.

That leaves just $1.55 million a year for
salaries, maintenance, utilities and other operational costs—not to
mention rent that the operator, the Bronx Parking Development
Corporation, is supposed to pay the city.

With recent and ongoing South Bronx developments, such as the
development of the Bronx Terminal Market and the new Metro North
Station, we expect there to be strong demand for parking on non-game
days, which certainly help the financial viability of the project
,” a
spokeswoman e-mailed The Observer.

So, with the stadium deal, the city hopes to get into the business of inducing parking demand — in an area it says will benefit from congestion pricing.

Photo: The Foo Fighter/Flickr

ALSO ON STREETSBLOG

Take Me Out to the Yankees Parking Subsidy Hearing

|
As Streetsblog reported back in April, the city is set to subsidize thousands of parking spaces for the new Yankee Stadium by issuing hundreds of millions in tax-exempt bonds for parking deck construction. The Post reported this week that one of the four planned parking structures has been scuttled, but the rest remain on the […]

The Bronx Is Burning Over Subsidized Stadium Parking

|
The people of the South Bronx will organize against the subsidized construction of parking garages for the new Yankee Stadium, one resident said yesterday. At a sparsely attended public hearing in Lower Manhattan, Margaret Collins of Save Our Parks told the New York City Industrial Development Agency (IDA) that a "barely contained rage" is simmering over the traffic the new […]

No Vote on Stadium Deal by Bronx Borough Board

|
We wrote a couple weeks back that one of the problems with the new Yankee Stadium parking subsidy deal is that the Bronx Borough Board has yet to vote on it — perhaps because board members, along with the borough president himself, are still waiting for information on the project from the Industrial Development Agency. […]

Eyes on the Street: Inside the Stadium

|
Here are snapshots of the scoreboard at Yankee Stadium last Sunday. (The Yanks beat Toronto, 7-5.) Despite the perceived parking hardship, average attendance at the stadium has been 52,739 this season, an all-time record. Naturally, this casts further doubt on the need for all those (all together now) publicly funded parking spaces — a project that has already caused actual […]

NYCEDC’s Yankee Stadium Parking Debacle: Who Woulda Thought?

|
In news that should surprise no one, the taxpayer-financed Yankee Stadium parking garages have been declared an unmitigated disaster. Anyone could have seen the deal was a loser from the start — that a sports stadium served by subways, buses and a new commuter rail station, a stadium that would have fewer seats for fans, […]

South Bronx Develops Into Yankee Stadium Parking Lot

|
Yesterday’s City Limits article on Yankee Stadium parking contains a link to an interactive Google map, developed by author Mathilde Piard, of the stadium site and its surroundings. Users can click on the shaded areas for descriptions of each parking garage or surface lot, including how many cars it can hold and when it will […]