New York Mayor Rudolph Giuliani believes a new $1.1B
retractable domed Yankees Stadium on Manhattan's West Side could
be built "at little or no cost" to city taxpayers through the use
of public authority bonds, according to the N.Y. TIMES. One
Friday, Giuliani suggested the bonds could be paid off by tapping
revenues from ticket sales, luxury boxes, advertising and other
dedicated revenue streams. However, some city officials
"expressed skepticism" about the idea, especially since Yankees
Owner George Steinbrenner "hopes to use those same revenues to
increase his own income" (Steven Lee Myers, N.Y. TIMES, 4/6).
Giuliani added any decision to move forward "hinges" on
Steinbrenner, according to the N.Y. DAILY NEWS. While the Boss
has "kept mum" on the subject thus far, a source close to
Steinbrenner said he is scheduled to meet with city and state
officials this week (David Lewis, N.Y. DAILY NEWS, 4/6).
DETAILS: From the HOK report: The facility would sit atop
a concrete platform over the rail yards at West 33rd St., just
south of the Jacob Javits Convention Center; capacity for the
Yankees would be 50,000, with an additional 20,000 available for
concerts or football. Problems are traffic and pollution (David
Lewis, N.Y. DAILY NEWS, 4/6).
REAX: Columnist Harvey Araton writes, "Choosing a side
here is certainly a joyless task, mostly because it reminds us
that a city that cannot properly educate its children is
practically begging for the right to spend hundreds of millions
so the likes of Steinbrenner can fatten his profits" (N.Y. TIMES,
4/6). A TIMES editorial calls for Steinbrenner "to make his
intentions clear" before discussions proceed, and Dave Anderson
writes Steinbrenner should offer to put up at least $140M to help
finance the stadium (N.Y. TIMES, 4/7). NEWSDAY's Steve Jacobsen:
"We have to think of how we could make it work rather than fixing
on how difficult it would be. ... Make it a world showcase for
New York" (NEWSDAY, 4/7).
HOME AWAY FROM HOME? While an unnamed MSG official
suggested the stadium be built to accommodate "high volume"
hockey and basketball events, MSG President Dave Checketts
dismissed that. Checketts: "There may be an opportunity for
that, but I don't think so" (N.Y. POST, 4/7).
