NYC: Taxpayers fleeced big-time by pro sports, again.......

[marmar]

A proposed deal to bring a soccer stadium to the Bronx would bail out the bondholders of a set of failed parking garages and delay payments to the New York City until 2056, according to an analysis released by the Independent Budget Office. The controversial garages, which paved over a park, have already cost taxpayers millions.

When the Yankees built their new stadium, the organization insisted on the new garages, which would up the number of parking spaces by some 2,000 spots. Despite widespread warnings that a new Metro-North station would alleviate the need for the garages, the Yankees -- with the support of former Mayor Bloomberg and former City Council Speaker Christine Quinn -- insisted on pressing forward with the project, which received $39 million in direct subsidies and $238 million in tax-exempt bonds. Another $70 million came from the state.

But as Transportation Nation has been reporting, the garages have been a failure. At upwards of $35 per spot, they're more expensive than other parking options in the area. And since the introduction of the new rail station, transit ridership to games has swelled. ..........................(more)

The complete piece is at: http://www.wnyc.org/story/report-soccer-deal-means-yankees-garages-arrears-until-2056/

[flvegan]

1. Those spots might pay off if/when the Yankees are a team the fans want to see again.

You know, instead of sucking. Out loud.

It's tough when Fenway isn't *that* much of a trip to embark upon to see good baseball.

[xchrom]

2. du rec.

[GeorgeGist]

3. I must have missed something, cause ...

the math tells me that those 2000 spaces cost $347 million or $173,500 each.