A new study by NYC planners "suggests" that a new
stadium on Manhattan's West Side "would have an economic
impact of at least $1 billion a year, more than 10 times the
impact of a renovated or new stadium in the Bronx,"
according to Dan Barry of the N.Y. TIMES. The report, which
was conducted by NYC's Planning & Economic-Development
Departments with participation by several consultants, said
that a West Side stadium featuring a grass field and no dome
would draw 3.9 million people a year to 81 Yankee home games
and to a dozen non-sporting events -- more than 1 million
more than Yankee Stadium currently attracts. It could also
be expected to "spur the development" of two 600-room
hotels, 600,000-square-feet of office space and various
stores and restaurants. The report also said that the
stadium and related development "would create 9,442 jobs and
generate nearly" $42M in new taxes (N.Y. TIMES, 4/22). But
a N.Y. TIMES editorial states that, "More often than not the
value of publicly subsidized financing is distorted and the
economic impact touted by proponents rarely materializes ...
A public subsidy should be commensurate with real, not
imagined, public benefits" (N.Y. TIMES, 4/22).
SOME SUPPORT: NYC Controller Alan Hevesi said he
approves of Mayor Rudolph Giuliani's proposal to extend the
city's rent tax to finance a ballpark. Hevesi is a "top
contender" to succeed Giuliani as Mayor in 2001 (Michael
Finegan, N.Y. DAILY NEWS, 4/22). But a N.Y. DAILY NEWS
editorial states that Giuliani "has some big hills to climb
before he can persuade most New Yorkers to help wealthy
owners and players get even wealthier" (DAILY NEWS, 4/22).
