November 07, 2002

NYC Olympics would cost $7.2 billion, include new stadium, arena

At a City Hall news conference yesterday, New York City Mayor Mike Bloomberg and deputy mayor (and former NYC2012 president) Dan Doctoroff outlined plans for a mammoth contruction project to accompany the city's bid for the 2012 Summer Olympics. Included would be: $2.7 billion for operations and facilities, to be paid out of Olympic revenues; a $1.5 billion Olympic Village in Queens, to be privately developed; and $3 billion in construction on Manhattan's West Side, including an extension of the #7 subway line, expansion of the Jacob Javits Convention Center, and a domed Olympic/football stadium to be constructed atop a concrete slab over existing railroad yards. Aside from a (yet-to-be-determined) contribution from the New York Jets, the remainder of the $3 billion would be paid off by the city using tax increment financing. Bloomberg further suggested that a new arena for the Knicks, Rangers, and Liberty could be included in the plan, asserting: "Madison Square Garden is a very old building. It is 20 or 30 years old. In this day and age, convention and sports facilities don't survive that long. They can't stay economically viable."