February 15, 2007
NYC facing $35m in Yankees overruns, could go higher
As I report over at the Village Voice news blog (now called "Runnin' Scared," as that's apparently even more obscure than the previous name, "Power Plays"), New York City officials have confirmed that the city is facing $35 million in cost overruns on its share of the Yankees stadium project. This brings the city's share of this "no public subsidies" stadium to $195 million, with the total city, state, and federal subsidies now at $425 million.
There could be more hidden costs lurking about as well: The city's capital budget includes an additional $88 million for the Yanks and Mets projects that no one in Mayor Mike Bloomberg's office has seen fit to explain, either to reporters or to the city council.
And then there's still the open question of the Yankees parking garages, for which the state is supposed to pay $75 million, and a private developer $250 million - except that the last anyone heard, the state still hasn't found a developer to take on the project. If one part of the project is hitting cost overruns, there's a fair chance that the garage piece will, too - and if developers are balking at getting involved already, they're certainly not going to agree to shoulder added costs, which would mean adding to the state's tab. Somebody's not going to be too happy about that.
I wonder if part of those overruns are to be used for the aptly named Steve Swindal's bail money.
http://sports.espn.go.com/mlb/news/story?id=2767251
