Jerry_Manuel
12-28-2001, 08:12 PM
By TIMOTHY WILLIAMS, Associated Press Writer
NEW YORK (AP) - The New York Yankees and Mets reached tentative agreement with the city Friday to build a pair of $800 million, retractable-roof stadiums.
Incoming Mayor Michael Bloomberg will have final word on the agreements, which were announced by current Mayor Rudolph Giuliani.
"You can't underestimate the the effect on civic pride and the economy of the city,'' Giuliani said less than four days before leaving office.
The $1.6 billion cost of the proposed new ballparks, believed to be the largest private-public venture in baseball history, would be divided evenly between the city and the two teams, Giuliani said.
The baseball-crazy mayor insisted that no new taxes would be necessary to build the new stadiums at sites adjoining the current facilities - Yankee Stadium in the South Bronx, and Shea Stadium in Queens.
Bloomberg, speaking before Giuliani's announcement, insisted the final word on the stadiums still belongs to him.
``The issue is really, `Can we afford them?''' Bloomberg said. ``I will have to take a look down the road as the economy develops. Nobody knows today how deep or how protracted the current economic downturn is.''
Projections following the Sept. 11 terrorist attacks showed the city facing serious financial problems as it rebuilds lower Manhattan and battles a faltering economy.
Officials estimated that the World Trade Center attack will cost the city $1 billion and 100,000 jobs in the current fiscal year. And the estimated the construction cost in lower Manhattan, including its subway lines and train connection to New Jersey, could run as high as $34 billion.
But the stadiums were among Giuliani's pet projects, and the devastation of the terrorist attacks didn't change the longtime Yankee fan's mind.
``We're happy to be able to do this for New York,'' Yankees principal owner George Steinbrenner said. ``Hopefully, the new administration will believe in the value of these two stadiums for New York.''
Dave Howard, senior vice president with the Mets, said the new deal ``demonstrates our love for the city and for our home borough of Queens.''
Under the deal, the Yankees would stay in the South Bronx - a neighborhood that Steinbrenner had threatened to flee for most of the last decade. The new Yankee Stadium would be built across the street on city-owned parkland, while the new home of the Mets would be built on the parking lot of the existing Shea Stadium.
If the deal goes forward without delay, the Mets could open their new park in 2006, while the Yankees' new stadium would be ready in 2007.
The state would pick up a $150 million tab for infrastructure improvement around Yankee Stadium - including parking and a new commuter train station in the South Bronx, the mayor said.
Under the plan, the city would finance the stadiums by issuing $1.6 billion in bonds, and the teams would have to reimburse the city.
Gov. George Pataki, who will run for re-election next year, has already said the state will kick in no money toward the stadiums. Construction costs would be covered
The city would issue tax-exempt construction bonds to cover the construction costs, with the teams and the city dividing the $50 million-a-year debt service.
According to Giuliani, the teams would sign 35-year leases with no escape clauses. The Yankees' current lease with the city expires after the 2002 season.
The outgoing mayor insisted the stadium deal would pay for itself. Administration members said the roofs would allow year-round use of the stadiums, and would help lure major events to the city.
New York is one of the four finalists to make the U.S. bid for the 2012 Olympics.
According to the mayor, the stadium proposals would not create any new taxes.
Yankee Stadium, opened in April 1923, remains one of the sport's sacred cathedrals - a direct link through baseball history, from Ruth to DiMaggio to Mantle to Jackson to Jeter.
Although renovated in the mid-1970s, it has remained in the same location at 161st Street in the Bronx. The Yankees have repeatedly complained about traffic and parking problems with that site, although the complaints waned as the team attendance climbed above 3 million the last three seasons.
Shea's history is less illustrious. Opened in April 1964, it became home to the National League expansion team created to fill the void left when the Brooklyn Dodgers and New York Giants abandoned the Big Apple in 1957.
Here are some photo's:
New Yankee Stadium
http://us.news1.yimg.com/us.yimg.com/p/ap/20011228/lthumb.1009582520nyc_stadiums_xnyr510.jpg
New Shea Stadium
http://us.news1.yimg.com/us.yimg.com/p/ap/20011228/lthumb.1009582811new_york_stadiums_xnyr509.jpg
NEW YORK (AP) - The New York Yankees and Mets reached tentative agreement with the city Friday to build a pair of $800 million, retractable-roof stadiums.
Incoming Mayor Michael Bloomberg will have final word on the agreements, which were announced by current Mayor Rudolph Giuliani.
"You can't underestimate the the effect on civic pride and the economy of the city,'' Giuliani said less than four days before leaving office.
The $1.6 billion cost of the proposed new ballparks, believed to be the largest private-public venture in baseball history, would be divided evenly between the city and the two teams, Giuliani said.
The baseball-crazy mayor insisted that no new taxes would be necessary to build the new stadiums at sites adjoining the current facilities - Yankee Stadium in the South Bronx, and Shea Stadium in Queens.
Bloomberg, speaking before Giuliani's announcement, insisted the final word on the stadiums still belongs to him.
``The issue is really, `Can we afford them?''' Bloomberg said. ``I will have to take a look down the road as the economy develops. Nobody knows today how deep or how protracted the current economic downturn is.''
Projections following the Sept. 11 terrorist attacks showed the city facing serious financial problems as it rebuilds lower Manhattan and battles a faltering economy.
Officials estimated that the World Trade Center attack will cost the city $1 billion and 100,000 jobs in the current fiscal year. And the estimated the construction cost in lower Manhattan, including its subway lines and train connection to New Jersey, could run as high as $34 billion.
But the stadiums were among Giuliani's pet projects, and the devastation of the terrorist attacks didn't change the longtime Yankee fan's mind.
``We're happy to be able to do this for New York,'' Yankees principal owner George Steinbrenner said. ``Hopefully, the new administration will believe in the value of these two stadiums for New York.''
Dave Howard, senior vice president with the Mets, said the new deal ``demonstrates our love for the city and for our home borough of Queens.''
Under the deal, the Yankees would stay in the South Bronx - a neighborhood that Steinbrenner had threatened to flee for most of the last decade. The new Yankee Stadium would be built across the street on city-owned parkland, while the new home of the Mets would be built on the parking lot of the existing Shea Stadium.
If the deal goes forward without delay, the Mets could open their new park in 2006, while the Yankees' new stadium would be ready in 2007.
The state would pick up a $150 million tab for infrastructure improvement around Yankee Stadium - including parking and a new commuter train station in the South Bronx, the mayor said.
Under the plan, the city would finance the stadiums by issuing $1.6 billion in bonds, and the teams would have to reimburse the city.
Gov. George Pataki, who will run for re-election next year, has already said the state will kick in no money toward the stadiums. Construction costs would be covered
The city would issue tax-exempt construction bonds to cover the construction costs, with the teams and the city dividing the $50 million-a-year debt service.
According to Giuliani, the teams would sign 35-year leases with no escape clauses. The Yankees' current lease with the city expires after the 2002 season.
The outgoing mayor insisted the stadium deal would pay for itself. Administration members said the roofs would allow year-round use of the stadiums, and would help lure major events to the city.
New York is one of the four finalists to make the U.S. bid for the 2012 Olympics.
According to the mayor, the stadium proposals would not create any new taxes.
Yankee Stadium, opened in April 1923, remains one of the sport's sacred cathedrals - a direct link through baseball history, from Ruth to DiMaggio to Mantle to Jackson to Jeter.
Although renovated in the mid-1970s, it has remained in the same location at 161st Street in the Bronx. The Yankees have repeatedly complained about traffic and parking problems with that site, although the complaints waned as the team attendance climbed above 3 million the last three seasons.
Shea's history is less illustrious. Opened in April 1964, it became home to the National League expansion team created to fill the void left when the Brooklyn Dodgers and New York Giants abandoned the Big Apple in 1957.
Here are some photo's:
New Yankee Stadium
http://us.news1.yimg.com/us.yimg.com/p/ap/20011228/lthumb.1009582520nyc_stadiums_xnyr510.jpg
New Shea Stadium
http://us.news1.yimg.com/us.yimg.com/p/ap/20011228/lthumb.1009582811new_york_stadiums_xnyr509.jpg