Thursday, April 12, 2007

Tri-State Transportation's perspective on Yankees parking issues

This is from and article titled "Parking Boom Will Sustain NYC Motoring" in the latest issue of Mobilizing the Region (a hat tip to The Real Estate). Click the title above to read it at their site.

"The huge parking expansion associated with new Yankee Stadium construction has failed to attract any bids from private operators. The city has apparently scaled the seemingly uneconomic plan back by one 900-car garage, but instead of reducing it further, it is adding more public money to ensure that the new, smaller stadium has thousands of additional parking spaces around it.

"The city’s Economic Development Corp. wants to award $186 million in triple tax-exempt bonds for parking garage construction, significantly upping public subsidies for the project. Housing advocates say the shortage of such “private activity” tax-exempt bonding is one reason affordable housing construction in the city lags so badly. Meanwhile, news reports say the MTA is having trouble funding the Yankee Stadium Metro-North station that was added to the stadium project after criticism last year."


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