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Development Projects Moving Forwards
By
Jen Chung
Published Apr 26, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Apr 26, 2006
Modified Mar 7, 2008
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As if we need any more reason to wonder how the MTA does its accounting, there's this article from the NY Times titled, "Cash for Forgotten Airport Link May Help Build Stadium Station." Really. See, Governor Pataki and Mayor Bloomberg want to build a new Metro-North station for the new Yankee Stadium, but where would this money come from? No, not some loan or bond the state takes out, but pretty much from under the mattress: "...the transportation authority has dug into an old pot of money and found $40 million. The money is left over from $645 million that was set aside for the extension of the N subway line to La Guardia. The airport subway link, which was a pet project of Mr. Bloomberg's predecessor, Rudolph W. Giuliani, was 'abandoned,' said Tom Kelly, a spokesman for the authority." Gothamist proposes that we go through the MTA's books and we bet we'll find a couple hundred million just laying around. All we want is a .1% finder's fee - heck, we'll take .05%. So, magically finding this money means that the station can probably be built.
In other development news:
- The City Council will most likely approve both the Yankees' and Mets' new stadiums plans.
- Columbia and NYU each have over half a billion dollars in real estate in the city... is it still true the number one landowner in the city is the Catholic Church?
- And the Port Authority approved Larry Silverstein's acceptance of the PA's proposal. They promise that five buildings will be built by 2012.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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