07-30-2004, 02:17 AM
http://www.crainsny.com/news.cms?newsId=8496
Yankees plan to build new stadium
by Anne Michaud
The New York Yankees plan to announce within the next two weeks that they want to build a new, $750 million stadium across the street from Yankee Stadium. The new stadium would be in McCombs Dam Park.
According to sources close to the deal, the team will ask for $450 million in public infrastructure investment to build a hotel and conference center, a new Metro North stop, and a ferry landing, as well as three new parks elsewhere in the Bronx. Under state law, the team must replace the parkland it uses.
The team will likely seek to finance the facility by issuing tax-exempt Industrial Development Authority bonds. Sources say revenue from the new stadium would more than pay off the bonds. The Yankees were at first looking at a design that would have increased luxury boxes to 70. But the design did not work well, and the team is now planning 50 to 52 skyboxes. A spokesman for the team says the Yankees are continuing to work out the details with the Bloomberg administration and that an announcement is expected in the coming weeks.
According to sources, Bronx Borough President Adolfo Carrion played a major role in bringing the city and the Yankees together.
Copyright 2004, Crain Communications, Inc
Yankees plan to build new stadium
by Anne Michaud
The New York Yankees plan to announce within the next two weeks that they want to build a new, $750 million stadium across the street from Yankee Stadium. The new stadium would be in McCombs Dam Park.
According to sources close to the deal, the team will ask for $450 million in public infrastructure investment to build a hotel and conference center, a new Metro North stop, and a ferry landing, as well as three new parks elsewhere in the Bronx. Under state law, the team must replace the parkland it uses.
The team will likely seek to finance the facility by issuing tax-exempt Industrial Development Authority bonds. Sources say revenue from the new stadium would more than pay off the bonds. The Yankees were at first looking at a design that would have increased luxury boxes to 70. But the design did not work well, and the team is now planning 50 to 52 skyboxes. A spokesman for the team says the Yankees are continuing to work out the details with the Bloomberg administration and that an announcement is expected in the coming weeks.
According to sources, Bronx Borough President Adolfo Carrion played a major role in bringing the city and the Yankees together.
Copyright 2004, Crain Communications, Inc