At a sparsely attended public hearing in Lower Manhattan, Margaret Collins of Save Our Parks told the New York City Industrial Development Agency (IDA) that a "barely contained rage" is simmering over the traffic the new stadium is expected to bring to the area. Surveys show that lack of recreational space and pollution are the top concerns in South Bronx neighborhoods, Collins said -- problems that were exacerbated when the Yankees seized public park land for its stadium complex, and which could yet worsen once its proposed 9,000 parking spaces are put to use.

Though the new facility will have 5,000 fewer seats, and will be served by a new Metro-North station, current plans call for it to have 2,500 more parking spots than the existing stadium. Three new parking garages (of four originally planned) will be financed through $225 million in triple tax exempt bonds, if the IDA approves such action, at a public cost of some $8,000 per space. A vote could come as early as next Tuesday, September 11. The IDA board votes in closed session.

Noting the low turnout for the hearing, Collins -- herself testifying with sleeping infant in tow -- pointed out that most affected residents can not make it downtown for a meeting in the middle of a workday. She warned that lack of public attendance should not be confused with lack of public engagement. 

"The community is not sleeping on this question," Collins said.

Speaking after an unusual plea for access was presented to the IDA on behalf of Bronx Borough President Adolfo Carrion, Jr., Collins bristled that politicians had signed on to the stadium project without knowing what they were agreeing to. Carrion, a vocal stadium proponent, has been denied what his office termed "vital information" regarding its financing, even though he, like all borough presidents, has an appointee who serves on the IDA board.

The IDA is the financing arm of the New York City Economic Development Corporation. The IDA board is made up of 15 members and alternates, including City Planning Director Amanda Burden and Deputy Mayor Dan Doctoroff.

While she was outnumbered by IDA board members and staff, Collins was not alone in testifying against the project. Joyce Hogi, who has lived in the vicinity of Yankee Stadium for 30 years, objected to the "snarling traffic" that "consumes" the area, and said the new garages would amount to "induced demand" for otherwise unneeded parking, "providing an incentive to drive into an already overburdened neighborhood." Of the new Metro-North station, Hogi asked, "We spend millions on public transportation and now we plan to spend millions to encourage them not to take it?"

Hogi suggested public moneys would be better spent on upgrades to the Melrose Metro-North and 161st Street subway stations, which would benefit surrounding neighborhoods year-round.

Bettina Damiani, director of Good Jobs New York, said that the parking subsidy, if approved, would bring the public commitment to the new stadium to a total of approximately $795 million.

Photo: Michael Dietsch/Flickr

Testifying before the NYC Industrial Development Agency (IDA), which is poised to issue over $200 million in triple tax exempt bonds to the "Bronx Parking Development Company" for parking deck construction, Deputy Director for Planning & Development Paula Luria Caplan said Carrion has not received "vital information" regarding project financing.

Here is the testimony submitted by Caplan on behalf of Carrion, in its entirety:

The new Yankee Stadium project represents a remarkable achievement for the Borough of the Bronx and the City of New York. As this board is aware, the Borough President has been involved in this redevelopment project from its inception and has always insisted that both the community and its representatives are thoroughly engaged in this process.

The Borough President is deeply concerned that after repeated requests we still have not received vital information regarding the details of the Bronx Parking Development Company financing. Specifically, the Borough President's office has requested the following:

A copy of the draft lease agreement;
A copy of the feasibility study;
An explanation of the increase in the deal size from $190 million to $218 million;
and details regarding the elimination of Lot D from the parking facility after 2010.

Finally, the Borough President is concerned as to whether this project can move forward on September 11th without the statutorily required approval of the Bronx Borough Board. In order to make an informed decision at the September 11th IDA Meeting, the Borough President must receive this information immediately.

Bettina Damiani of Good Jobs New York, who also offered testimony, said that it is unheard of for a borough president to resort to making such a statement at an IDA hearing, considering that each borough president has an appointee on the IDA board.

Complete coverage still to come.

As Streetsblog reported back in April, the city is set to subsidize thousands of parking spaces for the new Yankee Stadium by issuing hundreds of millions in tax-exempt bonds for parking deck construction.

The Post reported this week that one of the four planned parking structures has been scuttled, but the rest remain on the table, in spite of a new Metro-North station that should mitigate stadium parking demand. Tomorrow the NYC Industrial Development Agency (IDA) will hold a hearing on the bond issue, which by some calculations would cost city and state taxpayers over $8,000 per parking space.

Here's a summary from Good Jobs New York, which has been keeping a watchful eye on the deal:

The New York Yankees are currently building a new stadium one block north of its existing location at East 161 Street and River Avenue in the Bronx. The project would also include the construction of three nearby parking garages containing almost 4,000 spaces. The proposed stadium and parking facilities are being developed on over 20 acres of frequently used public parkland, and city, state, and federal subsidies for the project exceed $700 million in direct spending and tax breaks.

 

The New York City Industrial Development Agency (IDA) is proposing to offer additional subsidies for the construction of the three new garages and the renovation of existing garages and surface lots in the area. The IDA is proposing to offer the garage developers $219 million in triple tax-exempt bonds (up from an earlier amount of $190 million) to finance the development of the parking facilities. The city estimates this will mean over $2 million in forgone city income taxes (not to mention millions more on the state and federal level). In addition, the city will no longer collect a percentage of the revenues earned at the garages.

Perhaps, instead of a parking subsidy, the city sees the tax break as an investment in what some hope will be a Bronx development boom. Centering on the stadium, some $500 million in retail development is planned for the area. Retailers have also pledged to reserve 1,200 game day parking spots for Yankee fans.

 
Meanwhile, the ball club has stalled on a promise to repay nearby residents for seizing public park land for its new field and parking complex, in the form of an $800,000 annual endowment to area non-profits. Metro reports that the organization that is supposed to distribute the funds has not yet registered with the state, and its first annual report, due in April, never materialized.

"The parks were taken in eight days without one public hearing," complained [Geoffrey] Croft, president of NYC Park Advocates. "The Yankees wasted no time in seizing the public's land, but they're in no hurry when it's time to pay up."

Croft charged the promised payoff was actually a "pittance," considering the neighborhood, which is plagued by asthma, lost "70 percent of their trees."

More coverage of the parking deal can be found here.

Tomorrow's IDA hearing, which is open to the public, will be at 10:00 a.m. at 110 William Street, 4th Floor.

 
Photo: hotdogger13/Flickr