Stadium Discussion

[mgarbowski]

it's amazing to me many of you can knock DiBlasio for not doing something incredibly shady (maybe illegal) because it would get your favorite soccer team a stadium.

Part of the site is made of parking garages whose owners have defaulted on $200+ million in subsidized bonds. That property could be foreclosed but the proceeds would likely go to bond holders. The GAL factory itself is not subject to that. It's hard to keep it all clear and people look for shortcuts I think. I might not have it all straight myself.

 

[Narrowback gal]

All we need to do is wait till DeBlasio is gone and the city doesn't want us to pay for the debts of the parking lot we are going to build over.

You act as if it's unreasonable for the city to want those debts to be repaid. You do understand that we, the taxpayers, are owed $100 million dollars, right? Our bridges and roads are falling apart, and you want the city to write off that $100 million- and then throw more money at one of the richest men in the world? The Yankees demanded those garages be built. It's the height of gall for them and/or CFG to expect the city to foot the bill for the new stadium.

 

[Tyler Durden]

It's big enough. (that's what she said)

 

[Victors87]

Maybe one of us runs for mayor? To make this stadium happen quickly?

I read in other post there are a few lawyers in here

 

[JGarrettLieb]

You act as if it's unreasonable for the city to want those debts to be repaid. You do understand that we, the taxpayers, are owed $100 million dollars, right? Our bridges and roads are falling apart, and you want the city to write off that $100 million- and then throw more money at one of the richest men in the world? The Yankees demanded those garages be built. It's the height of gall for them and/or CFG to expect the city to foot the bill for the new stadium.

1. The debt is not our problem, it is the problem of the ownership group of the parking garage.
2. The parking garage has functionally defaulted on its debt, it is not paying the city any money on that debt.
3. The parking garage is not paying taxes anymore.

This means that as of right now the parking garage is doing literally nothing for the city. Additionally this is the first time I have heard of someone trying to make a prospective new owner of a property pay the business debts of the failed business that is currently on the property.

Right now the parking garage is a fiscal dark spot for the city, it's doing literally nothing, but the debt remains on the books. What I want the city to do is seize the land and sell it to us, thereby getting hard cash. The city will be taking an accounting loss on the debts, but in reality those debts were never going to be paid. Thus the city ends up in a financially better position than it would otherwise be in.

Please explain to me why you think we should pay for someone else's debt? The parking garage may be for the Yankees, but they are a minority owner, of our soccer team, who have no control or stake in the garages actual operation.

 

[Gotham Gator]

Plus, nobody is suggesting that the city needs to pay for any of the construction costs of the stadium, they just need to facilitate things so that it can happen. Nothing like a stadium gets built in this city without substantial political support to get through all the roadblocks.

 

[Seth]

GAL site as it is today

With Avaya Stadium (pretty small, just barely fits but you'd still have to move the railroad and the car overpass)

With Red Bull Arena (large-ish, doesn't really fit at all as you'd have to move everything, and it also extends into Heritage Field)

 

[NickA]

GAL site as it is today

With Avaya Stadium (pretty small, just barely fits but you'd still have to move the railroad and the car overpass)

With Red Bull Arena (large-ish, doesn't really fit at all as you'd have to move everything, and it also extends into Heritage Field)

Neither really look like they fit. Is that parking garage in use?

 

[FootyLovin]

Maybe one of us runs for mayor? To make this stadium happen quickly?

I read in other post there are a few lawyers in here

Hmm. Who do we nominate? Midas Mulligan ? mgarbowski ? So many options.

 

[The Toe]

I can tell you that ripping up that track and re-laying it around a new stadium would take a huge amount of time and money, plus disrupt service. Would be really, really unlikely to happen -- it'd have to be finagled some other way.

 

[mgarbowski]

Hmm. Who do we nominate? Midas Mulligan ? mgarbowski ? So many options.

I'm not getting elected in this city unless I disavow everything I believe in.

 

[FootyLovin]

I'm not getting elected in this city unless I disavow everything I believe in.

So you mean do what every politician does.

 

[Victors87]

So you mean do what every politician does.

ba dum chhh

 

[mgarbowski]

I'm not getting elected in this city unless I disavow everything I believe in.

So you mean do what every politician does.

ba dum chhh

I would have been disappointed if nobody tapped in my setup.

 

[AndreT_NY]

After a nightmare getting out of Red Bull Arena (drove and parked in the stadium "parking lots"), I think the Bronx is the only option since we would be using the Yankee parking lots. And I'm fine waiting 5 years for this to happen.

After a nightmare getting out of Red Bull Arena (drove and parked in the stadium "parking lots"), I think the Bronx is the only option since we would be using the Yankee parking lots. And I'm fine waiting 5 years for this to happen.

Do you guys realise the amount of parking in actual lots that are perfect for tailgating there is at Aqueduct?

 

[FootyLovin]

I would have been disappointed if nobody tapped in my setup.

I honestly assumed you wrote it specifically for that purpose.

 

[Tiger Jones]

Neither really look like they fit. Is that parking garage in use?

That lot is certainly in use and it costs $35 to park there!

 

[Buckley]

That lot is certainly in use and it costs $35 to park there!

its bankrupt to the city so and it gets half used on yankees game days so its just unnecessary and if we can tear it down and put a stadium on top of it then why not

 

[Amon]

That garage was the go to when old Yankee Stadium was right next to it. Now it barely gets used for Yankee games.

 

[northernburbs]

I don't understand why the city just doesn't foreclose on the GAL property and then sell the land to CFG so the city can pay its creditors.

GAL does not owe back taxes as far as I know so you can't foreclose on them. You can however take the property by Eminent Domain and pay the landowner a fair value. Cities and States used to do this to build highways and hospitals -things for the common good- but in recent years have done so then sold the property to developers.
In Port Chester they did it when 1 landowner was holding up a large development about 10 years ago and recently, I think in New London or Groton Ct. property was taken for a residential development. I do not agree with it for private projects, but I'll make an exception when it's good for my team.
NYC is different in that someone who rents a property can hold up development by a property owner because it may spoil his view.