January 11, 2005

Haggling over the price, NYC division

A clarification on how yesterday's Hudson Yards redevelopment project news would save taxpayer money: The city of New York would actually be spending more money from its general operating budget - as much as $162 million in the peak year of 2011 - into paying off the project's bonds in the short term, in exchange for lower bond payments later on. Think of it as like buying a new car with cash instead of putting it on your credit card: You save a bundle in finance charges down the road, but the downside is that your wallet is now empty.

Meanwhile, on the subject of the New York Jets stadium that was the whole raison d'etre for Hudson Yards in the first place, Newsday reports that city council speaker (and mayoral candidate) Giff Miller "used his strongest language to date" about the stadium. Let's listen in:

"I'm opposed to it," he said. "Some of the council members are for it. Those of us that are opposed to the stadium will fight the stadium and will continue to fight on that matter."

Because the City Council has no formal authority to approve or reject the stadium, Miller was asked why he did not use the council's leverage regarding the redevelopment to try to influence the stadium.

"We're not going to cut off our nose to spite our own face," Miller responded.