Apr 2, 2013, 11:00 AM EDT
Back when New Yankee Stadium was built, the team demanded that the city build parking garages to house 9,000 cars. Never mind that the ballpark is right next to a train station.
But the city agreed, issuing tax-exempt bonds to cover the costs plus subsidizing the garages to the tune of $100 million on top of that. Now those bonds are likely going into default, reports the New York Daily News:
Bronx Parking Development LLC failed to make a $6.9 million payment due April 1 on more than $237 million in tax-exempt bonds arranged by the Bloomberg administration back in 2007.
The group, which is not connected to the Yankees, thus fell into one of the biggest defaults of a New York City-sponsored bond in decades.
Sounds like this will lead to a city bailout or a bankruptcy, leaving the bondholders and/or taxpayers holding the bag.
Just another fabulous example of what happens when the government does favors for sports teams and all common sense is thrown out the window. And when the recipients of those funds try to gouge the hell out of customers, charging them some $35 to park, which rendered the garages half empty most of the time.
How hard is it to tell a billion dollar business like the Yankees to build their own parking garages if they want them so bad?
- “Final Vote” balloting opens for 2015 MLB All-Star Game 13
- Pitchers and reserves for 2015 MLB All-Star Game announced 49
- And That Happened: Sunday’s scores and highlights 49
- AL and NL Starters for the 2015 All-Star Game announced 103
- That time Manny Ramirez nearly became a Met 10
- Phillies acquire No. 1 international signing slot for 2015-2016 from the Diamondbacks 20
- Orioles activate Jonathan Schoop after 10-week absence 9
- Settling the Score: Saturday’s results 40
- AL and NL Starters for the 2015 All-Star Game announced (103)
- Mike Scioscia says Josh Hamilton should apologize to Angels owner Arte Moreno (90)
- What Yasiel Puig being a pain in the butt means. And what it doesn’t mean. (78)
- Report: Jerry Dipoto “definitely out” as Angels GM (77)
- Brian Dozier is the best second baseman in baseball (72)