Not about the Mayor..
"
New York Jets Stadium May Not Bring Predicted Economic Growth
April 7 (Bloomberg) -- The $1.4 billion New York Jets football stadium proposed for the far west side of Manhattan by Mayor Michael Bloomberg and Governor George Pataki may fail to spark the predicted growth, the nonpartisan Regional Plan Association said.
``We are still very concerned about the facility's long-term benefits to the district,'' the 82-year-old research and advocacy group said yesterday in a report that cited the experiences of Baltimore, Seattle, St. Louis and Toronto. Funded by contributions from foundations, corporations and individuals, the association proposed the site of the George Washington Bridge and helped set the early agenda of the Port Authority of New York and New Jersey.
The stadium, to be paid for with $800 million from the Jets and $600 million from the city and state of New York, is the centerpiece of the city's bid to become the site of the 2012 Summer Olympic Games. Together with a proposed $1.4 billion expansion of the Jacob K. Javits Convention Center, the project holds the potential for 17,000 jobs and $220 million in extra annual city and state tax revenue, the mayor said during a March 25 news conference at which the plan was announced.
The association ``is a widely respected independent organization that over the years has transcended jurisdictional interests and been an important element in deciding big planning issues,'' said Marcia Van Wagner, chief economist of the Citizens Budget Commission, a nonpartisan business-funded fiscal monitoring group.
`Right Questions'
``Ultimately, they're asking the right question, which is whether this facility, which will operate 200 days a year, will enhance or impede economic growth,'' Daniel Doctoroff, deputy mayor for economic development, said in a telephone interview. ``We think it will enhance it dramatically.''
The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.
The Regional Plan Association's report examined the four urban stadiums city officials and the Jets have said are successful models for what they are proposing in New York: Baltimore, St. Louis, Seattle and Toronto.
``When clustered together, stadiums and convention centers often make for a successful tourist corridor, but as yet, they have not shown the ability to sponsor development of intensive mixed-use districts,'' the report said
Jets spokesman Matt Higgins said, ``The report correctly acknowledges that the combination of stadiums and convention centers often makes for a thriving tourist destination, which is exactly what will happen along Convention Corridor.''
Bond Buyers
The stadium would complement a $2.8 billion plan to spur real estate development in a 30-square-block area -- stretching from 34th Street to 42nd Street between Ninth Avenue and 12th Avenue -- that city officials said would be financed through tax- exempt bonds, repaid through the sale of air rights and increased revenue brought by higher property values.
Paul Brennan, vice president at Nuveen Asset Management, where he manages a portfolio of $3.7 billion in New York City and state bonds, said an expanded convention center, financed in part by a proposed hotel tax and from added hotel and restaurant profits, could provide enough revenue.
``I still want to know how they are going to pay for this and, as bond buyers, how we're going to get paid,'' Brennan said. ``Generally, convention centers don't make enough money, but when you factor in the economic impact on hotels and restaurants, supplemented by that hotel tax, it could work as a money maker.''
Burden of Proof
Robert Yaro, executive director of the Regional Plan Association, said, ``The burden of proof is still on the Jets to show this facility can really be a magnet.''
Seattle's 325,000-square-foot exhibition center, part of a complex that includes football and baseball stadiums, is ``more akin to many of the country's suburban stadiums,'' as is Baltimore's M & T football stadium, the report said. Neither facility has sparked ``significant commercial or residential growth,'' it said.
While the Edward Jones Dome in St. Louis, where the Rams play football, ``successfully creates the kind of synergy between the stadium and the convention center,'' the report said, ``the area around it is barren and deserted'' on days when no event takes place.
Toronto's SkyDome, which the report said is ``an ideal urban sports facility,'' helped spur residential building -- more than a decade later than anticipated. ``The hope that the central business district would expand into this area never panned out,'' the report said.
The association said it could be won over to the stadium plan.
``While we are still very concerned about the facility's long- term benefits to the district, it is difficult to turn away a willing investor able to finance and build on such a dramatic scale,'' the report said. ``Without this early investment by the Jets, new investors will need to be found for this site.''
Deputy Mayor Doctoroff said in the interview: ``There aren't other investors for this site.''
To contact the reporter on this story:
Henry Goldman in New York City Hall at [email]
To contact the editor of this story:
Frederic Wiegold in New York at at [email]" http://quote.bloomberg.com/apps/news?pid=10000103&sid=apBtR8.Aw9ac&refer=us
jake · 2004-04-07
Not about the Mayor.. " New York Jets Stadium May Not Bring Predicted Economic Growth April 7 (Bloomberg) -- The $1.4 billion New York Jets football stadium proposed for the far west side of Manhattan by Mayor Michael Bloomberg and Governor George Pataki may fail to spark the predicted growth, the nonpartisan Regional Plan Association said. ``We are still very concerned about the facility's long-term benefits to the district,'' the 82-year-old research and advocacy group said yesterday in a report that cited the experiences of Baltimore, Seattle, St. Louis and Toronto. Funded by contributions from foundations, corporations and individuals, the association proposed the site of the George Washington Bridge and helped set the early agenda of the Port Authority of New York and New Jersey. The stadium, to be paid for with $800 million from the Jets and $600 million from the city and state of New York, is the centerpiece of the city's bid to become the site of the 2012 Summer Olympic Games. Together with a proposed $1.4 billion expansion of the Jacob K. Javits Convention Center, the project holds the potential for 17,000 jobs and $220 million in extra annual city and state tax revenue, the mayor said during a March 25 news conference at which the plan was announced. The association ``is a widely respected independent organization that over the years has transcended jurisdictional interests and been an important element in deciding big planning issues,'' said Marcia Van Wagner, chief economist of the Citizens Budget Commission, a nonpartisan business-funded fiscal monitoring group. `Right Questions' ``Ultimately, they're asking the right question, which is whether this facility, which will operate 200 days a year, will enhance or impede economic growth,'' Daniel Doctoroff, deputy mayor for economic development, said in a telephone interview. ``We think it will enhance it dramatically.'' The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP. The Regional Plan Association's report examined the four urban stadiums city officials and the Jets have said are successful models for what they are proposing in New York: Baltimore, St. Louis, Seattle and Toronto. ``When clustered together, stadiums and convention centers often make for a successful tourist corridor, but as yet, they have not shown the ability to sponsor development of intensive mixed-use districts,'' the report said Jets spokesman Matt Higgins said, ``The report correctly acknowledges that the combination of stadiums and convention centers often makes for a thriving tourist destination, which is exactly what will happen along Convention Corridor.'' Bond Buyers The stadium would complement a $2.8 billion plan to spur real estate development in a 30-square-block area -- stretching from 34th Street to 42nd Street between Ninth Avenue and 12th Avenue -- that city officials said would be financed through tax- exempt bonds, repaid through the sale of air rights and increased revenue brought by higher property values. Paul Brennan, vice president at Nuveen Asset Management, where he manages a portfolio of $3.7 billion in New York City and state bonds, said an expanded convention center, financed in part by a proposed hotel tax and from added hotel and restaurant profits, could provide enough revenue. ``I still want to know how they are going to pay for this and, as bond buyers, how we're going to get paid,'' Brennan said. ``Generally, convention centers don't make enough money, but when you factor in the economic impact on hotels and restaurants, supplemented by that hotel tax, it could work as a money maker.'' Burden of Proof Robert Yaro, executive director of the Regional Plan Association, said, ``The burden of proof is still on the Jets to show this facility can really be a magnet.'' Seattle's 325,000-square-foot exhibition center, part of a complex that includes football and baseball stadiums, is ``more akin to many of the country's suburban stadiums,'' as is Baltimore's M & T football stadium, the report said. Neither facility has sparked ``significant commercial or residential growth,'' it said. While the Edward Jones Dome in St. Louis, where the Rams play football, ``successfully creates the kind of synergy between the stadium and the convention center,'' the report said, ``the area around it is barren and deserted'' on days when no event takes place. Toronto's SkyDome, which the report said is ``an ideal urban sports facility,'' helped spur residential building -- more than a decade later than anticipated. ``The hope that the central business district would expand into this area never panned out,'' the report said. The association said it could be won over to the stadium plan. ``While we are still very concerned about the facility's long- term benefits to the district, it is difficult to turn away a willing investor able to finance and build on such a dramatic scale,'' the report said. ``Without this early investment by the Jets, new investors will need to be found for this site.'' Deputy Mayor Doctoroff said in the interview: ``There aren't other investors for this site.'' To contact the reporter on this story: Henry Goldman in New York City Hall at [email] To contact the editor of this story: Frederic Wiegold in New York at at [email]"Bloomberg Article
http://quote.bloomberg.com/apps/news?pid=10000103&sid=apBtR8.Aw9ac&refer=us