FOR IMMEDIATE RELEASE
April 5, 2006
MAYOR MICHAEL R. BLOOMBERG PRAISES CITY COUNCIL ON APPROVING THE LAND USE APPLICATION FOR YANKEE STADIUM REDEVELOPMENT
“The new Yankee stadium is an exciting partnership between the City, the State and the Yankees that will play a pivotal role in the revitalization of the South Bronx. The City Council’s approval of the ULURP application is an important step in bringing this important project closer to reality. The plan represents a commitment by the City to create new parks and recreation facilities and infrastructure improvements that will improve the quality of life for all residents. This is a critical investment that is expected to generate considerable economic and fiscal benefits during both construction and operation of the new stadium including an estimated 3,600 construction jobs, and result in about 900 permanent jobs. In the next few weeks, the City Council and the New York City Industrial Development Agency (IDA) will be asked to approve the use of Payments in Lieu of Taxes (PILOT) to pay the debt service on $866 million in tax-exempt bonds to be issued by the IDA.
“The new Yankee Stadium will be developed at Macombs Dam Park and a portion of John Mullaly Park, and the City will create 24.5 acres of parks and playing fields, including more than 16 acres of newly created parkland along the Harlem River waterfront and at the current Stadium site. Our goal is to create parks that offer more recreation that will last longer and will be an even greater asset to the community than the existing park. The new recreational facilities will include a running track and soccer field, little league and softball fields, tennis courts, handball courts, and a basketball court with bleachers.
“I applaud the City Council, the City Planning Commission and Borough President Carrion and the entire Bronx delegation who have worked with the Administration to support and enhance this plan. I also want to thank the New York City Department of Parks & Recreation for leading this project and their partnering agencies – including the City’s Economic Development Corporation, Departments of City Planning, Transportation, Environmental Protection and Police – for their countless hours of hard work and tireless commitment to this project.”
Stu Loeser/Jennifer Falk (212) 788-2958