Council Backs Yankee Plan for New Stadium, tear-down of House Ruth Built

[DeepModem Mom]

NYT: City Council Backs Yankees' Plan for New Stadium
By WINNIE HU
Published: April 5, 2006

The New York Yankees' effort to build a new stadium cleared its biggest hurdle today with a City Council vote in support of the team's ambitious plan to knock down the storied Bronx institution known around the world as the House that Ruth Built.

The new stadium will be built on parkland directly across the street from the current Yankee Stadium, which has served as the home base of the team that won an unparalleled 26 World Series since it was built in 1923. The new 53,000-seat stadium will offer 60 luxury skyboxes and 10,000 parking spaces when it is completed in 2009.

By a vote of 44 to 3, the council overwhelmingly authorized construction of the $800 million stadium, despite opposition from several council members as well as parks advocates and residents in the surrounding community, which is among the poorest in the nation. These critics say the stadium would take away valuable parkland in a neighborhood that already has too little, snarl traffic on game days and lead to more pollution.

Under the financing plan for the stadium, the Yankees will pay for the construction through $930 million in bonds issued by the city, of which about $860 million will be tax exempt. The team will pay back the city through payments in lieu of taxes, in addition to providing millions of dollars in benefits to the local community.

While the Yankees will not pay rent for the new stadium, the team will be responsible for the maintenance and operation costs and any capital improvements. In the current stadium, the Yankees pay rent but only after deducting the cost of maintenance from that amount. The team pays no capital expenses....

http://www.nytimes.com/2006/04/05/nyregion/05cnd-stadium.html?hp&ex=1144296000&en=a83f3415d303b539&ei=5094&partner=homepage

[mconvente]

1. I'm kinda iffy on this

I know a new stadium would boost revenues (not like they need it anyway) and it'd be more fun to go to the stadium, but tearing down Yankee Stadium would suck I think. How many people wish Ebbets Field and the Polo Grounds were still around? Perhaps that's not practical with space concerns, but it would be a real shame to tear down truly a historical location for more revenue...

[LiberalPartisan]

2. As a life long Red Sox fan

I am proud to say I've never set foot in Yankee stadium, and I've had many opportunities.

Yankees Suck!

[Chovexani]

5. Well, my evening was certainly enriched by that knowledge. (n/t)

[Gemini Cat]

6. Wow. I'm heartbroken by your announcement.

:sarcasm: :eyes:

[IndianaGreen]

7. Red Sox?

We got Johnny Damon!

:P

[Chovexani]

8. Ya know, now that you can actually see his face

He's pretty hot. :loveya:

He's a real sweetheart, too.

[brentspeak]

3. Well, since most MLB traditions have been vanquished anyway

by steroids, Coors Field, and individual salaries that exceed the GDP of many nations, this is not a great loss.

[feminazi]

4. the first pro game i ever went to was at yankee stadium

my dad took me as a kid when i was living in CT and a big yankee fan. i missed mantle cuz he didn't play that day, but stottlemeyer pitched and the yankees won big. this makes me sad, even tho i can't stand the yankees anymore.