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Monday, January 6, 2014
Yankees Garage Boondoggle Wants Another $200 Million
The garage project was an obvious travesty from the start. The idea of doubling down on Bloomberg's folly is repulsive and should be rejected. This is what real "welfare queens" looks like.
The nearly bankrupt Yankee Stadium garage company could receive new taxpayer subsidies of more than $200 million if a financial bailout plan approved last month by the Bloomberg administration goes through, the Daily News has learned.
The Yankees and a billionaire Middle East sheik who is partnering with the team are proposing to pay an estimated $25 million for one of the garages currently owned by Bronx Parking Development Co. LLC — the independent firm that operates the stadium’s garage system. The Yankees partnership is proposing to demolish that garage on W. 153rd St. and build a new $350 million Major League Soccer stadium for its team, New York City FC.
But under the bailout plan approved Dec. 18 by Bronx Parking’s board of directors and the holders of its debt, the reorganized company would pay no rent until 2056 for more than 20 acres of city-owned land where its other stadium garages are located.