Not for nothing, that fact makes our situation that much more attractive considering it ACTUALLY has affordable housing as a focal-point. I’ll take it as a positive.
Stadium Discussion
- Thread starter Gene
- Start date
That's the line of BS we've all been fed. Maybe it's just BS
https://www.mlssoccer.com/post/2018...eveals-stadium-details-possible-interim-sites
“And the baseball stadium in the city’s Little Havana neighborhood might well end up hosting another Inter Miami milestone in a year and a half, as Mas revealed that it’s a leading possibility to serve as the club’s temporary home starting with its expansion bow in 2020.”
“And the baseball stadium in the city’s Little Havana neighborhood might well end up hosting another Inter Miami milestone in a year and a half, as Mas revealed that it’s a leading possibility to serve as the club’s temporary home starting with its expansion bow in 2020.”
A couple wisps of smoke, but I figured since I found it and it hadn't been posted before I'd throw it in here. From the 9/17 meeting of Queens Community Board 4:
https://www1.nyc.gov/assets/queenscb4/downloads/pdf/minutes/2018/09-17-2018.pdf
"Queens Borough President Melinda Katz stated regarding Willets Point, 61 acres of property was rezoned in 2008, which was an urban renewal plan for the entire area. RFP’s were sent out. What came back was 84 acres, 61 acres plus the 21 acre Met site, which was the parking lot. The Court of Appeals deemed the parking lot could not be used. It could only be used for Mets accessory parking. Out of the 61 acres, $400 million was put into the budget in 2008 to purchase the properties at Willets Point. Only 23 acres are now in City 7 possession. A few months ago, the City said it’s too big and will be narrowed down to six acres for affordable housing and a school. A task force will be formed to decide what should be on the other seventeen acres which they now control and to move forward. Many ideas have been gathered and the task force is still meeting with the community, Community Boards, civic groups and elected officials. They are trying to come up with a plan for the seventeen acres to recommend to the City. To recap, the six acres is being premeditated for affordable housing. Unlike the original plan which was 61 acres, the entire six acres will be all affordable rate (not market rate and affordable rate). The original plan was 33 ½% affordable and the rest market rate. This plan is all affordable housing plus a school from kindergarten to eighth grade. She and Council Member Francisco Moya chair this task force."
"Next, Chair Vargas reported on Willets Point and stated the determination must be made what will be on that site. The need for schools was brought up on that site. A police precinct and fire department was also suggested. The first phase will be affordable housing. There are proposals for a new soccer stadium, also proposals for mixed use residential buildings with retail. The developers are not there to listen to our ideas. EDC is the partner to the developers and is spearheading the project. Developers are very much needed to get involved."
Also the July/August lobbying report is out now for CFG Stadium Group, and again the parties being lobbied to are NYC EDC and the Queens Borough President. They aren't mentioning the Bronx, so either they're looking in the Bronx but don't need to lobby the Bronx Borough Pres, or they have no reason to.
https://www1.nyc.gov/assets/queenscb4/downloads/pdf/minutes/2018/09-17-2018.pdf
"Queens Borough President Melinda Katz stated regarding Willets Point, 61 acres of property was rezoned in 2008, which was an urban renewal plan for the entire area. RFP’s were sent out. What came back was 84 acres, 61 acres plus the 21 acre Met site, which was the parking lot. The Court of Appeals deemed the parking lot could not be used. It could only be used for Mets accessory parking. Out of the 61 acres, $400 million was put into the budget in 2008 to purchase the properties at Willets Point. Only 23 acres are now in City 7 possession. A few months ago, the City said it’s too big and will be narrowed down to six acres for affordable housing and a school. A task force will be formed to decide what should be on the other seventeen acres which they now control and to move forward. Many ideas have been gathered and the task force is still meeting with the community, Community Boards, civic groups and elected officials. They are trying to come up with a plan for the seventeen acres to recommend to the City. To recap, the six acres is being premeditated for affordable housing. Unlike the original plan which was 61 acres, the entire six acres will be all affordable rate (not market rate and affordable rate). The original plan was 33 ½% affordable and the rest market rate. This plan is all affordable housing plus a school from kindergarten to eighth grade. She and Council Member Francisco Moya chair this task force."
"Next, Chair Vargas reported on Willets Point and stated the determination must be made what will be on that site. The need for schools was brought up on that site. A police precinct and fire department was also suggested. The first phase will be affordable housing. There are proposals for a new soccer stadium, also proposals for mixed use residential buildings with retail. The developers are not there to listen to our ideas. EDC is the partner to the developers and is spearheading the project. Developers are very much needed to get involved."
Also the July/August lobbying report is out now for CFG Stadium Group, and again the parties being lobbied to are NYC EDC and the Queens Borough President. They aren't mentioning the Bronx, so either they're looking in the Bronx but don't need to lobby the Bronx Borough Pres, or they have no reason to.
that's little brother island, right?
I wonder if this steers them in the direction of the Bronx? For those not up on the latest tax code, it allows you to hide capital gains in an asset purchased and developed in any one of these zones. And never pay taxes on it if you hold the asset for 10 years.
Here’s the map (need flash):
https://www.cims.cdfifund.gov/preparation/?config=config_nmtc.xml
I thought about this, but was skeptical that
a.) CFG has a few hundred million in US capital gains to divert, unless they structure ownership towards the Yankees and lease it from them
b.) A suitable site with transit access would be included and not aggressively sought after by other more politically positive developments
A) a opportunity zone fund (OZF) could be formed by multiple individuals/entities, each owning stock in the fund. So both Yankees and CFG could work together on this.
B). Almost the entire southern Bronx is labeled as an opportunity zone.
It doesn’t necessary have to be CFG. The sheik and all his cousin/brothers can all buy stock in the fund that makes the purchase. Everyone can use it to hide their US capital gains if the fund is large enough. And one to build a stadium surely would be. There are a number of large Opportunity Zone funds already formed by the likes of RXR and others.
The rule is that you 1. Must buy in an opportunity zone and 2. Invest the value equal to the building currently on the land you purchase within 30 months. (I.e. you buy a property for $1mm. The land is worth $700k. The building only $300k. You have to invest another $300k into the property within the first 30 months. Total investment = $1.3mm). Considering what a stadium would cost to build, they would easily meet this requirement. 3. Loans taken are subject to capital gains tax.
Thank you very much. So if they have other capital gains in the US, this operates as a tax wash?
Pretty much yes, and for any friends and family/business partners who want to get in on the fund as well.
adam they cap gain tax on the initial investment is delayed for a max 7 years. And you get a 15% step up in basis. Cap gains on the sale of the OZ investment is excluded permanently if held 10 years. You were close. 
And I’m not even a tax attorney like some people on here.
Article today that CFG is interested in building a SECOND training center for Man City - this time in London.
We have a piece of shit training facility and no stadium. Where’s the ambition
We have a piece of shit training facility and no stadium. Where’s the ambition
It really is when compared to other clubs’ facilities. Absolute joke bare-bones operation and to hear the rationalization they spout on the tour for why the size of training pitch and facility is what it is and how it’s perfect in every way for their needs.... is just so scripted and an obvious set of company talking points. Obviously it’s better than what they had when renting from the university, but for a pro organization with stated (if not realized) ambition, just so underwhelming.
Said article: https://www.thesun.co.uk/sport/football/7821160/manchester-city-etihad-campus-training-base-london/
Basically the equivalent if a deranged homeless person said this to you outside the subway.
