March 25, 2004
Jets stadium inches forward
A news conference is scheduled for this morning at which New York Mayor Mike Bloomberg and Gov. George Pataki are expected to announce another piece in the puzzle that is the $5.7 billion Hudson Yards plan. According to Newsday, the memorandum of understanding (MOU) will call for a $1.50-a-room hotel tax hike to raise $500 million to expand the Jacob Javits Convention Center. What won't be revealed: How the city would pay for its $300 million share of the convention center project (Newsday says "bonding and bank loans," which is a bit like saying "I'm paying for my new car by putting it on my credit card"); how the city and state will raise $300 million apiece for their share of a $1.4 billion stadium (the most expensive in history, if you're playing along at home) for the New York Jets; how the Jets will raise $800 million in private money for the project ("The financing is still to be worked out, but we're confident that it will be in place," said a Jets exec); how much the Jets will pay the Metropolitan Transportation Authority for air rights over the railyards where the stadium would be built; or how much God will be paid for agreeing to illuminate the stadium with beams of light from heaven.
