February 01, 2005
Jets appraisal follies
I know, I know, it's not even tomorrow yet, but the New York Jets stadium story is busting out all over:
- The Jets and the Metropolitan Transportation Authority released their competing appraisals of the stadium site today, and while I haven't seen the documents themselves, Newsday provides some details: The entire difference between the MTA's $330 million price tag and the Jets' $100 million one, it turns out, is that the Jets want to deduct the cost of the platform that would support the stadium over the West Side rail yards. (Actually, deducting the platform would leave the Jets paying a mere $37 million, but they obligingly offered to round up to the nearest hundred million.) Given that the city, not the Jets, would be paying for the platform, this seems an especially crack-addled argument, and clearly would amount to another huge subsidy if the team gets its way.
- The honor of deciding the crack-addledness of the numbers goes to former U.S. Senator George Mitchell, who was chosen today to arbitrate the land value dispute. Both sides have agreed to abide by Mitchell's decision, though either side will have a rather large incentive to just walk away from the deal if it doesn't get the price it wants.
- Speaking of incentives to walk away, Newsday has this fascinating tidbit about the appraisal: "The MTA's appraisers also concluded that the 'highest and best use' of the waterfront land was construction of residential buildings with shops on the first floor." Man, no wonder Peter Kalikow didn't want anyone to read this document.
- No web link yet, but an e-mail from mayoral candidate Freddy Ferrer's campaign calls for the city to subject the rail yards site to competitive bidding, in order to "get the best price for the people of New York." Now there's a novel concept.
One hopes that state assembly leader Sheldon Silver is keeping up with all his newspaper subscriptions this week...
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