BILLS02138 Posted March 25, 2005 Share Posted March 25, 2005 I love the Olympics, the NFL and all - but NY State cannot subsidize a venture of this magnitude. I do say that cautiously... tho... if and when the BILLS decide to pin WNY againt a new stadium or a new city - we will need to rely on NYS as well. Executive Says Cablevision Tops Jets' Bid by $40 Million By CHARLES V. BAGLI ablevision, which has spent a year and tens of millions of dollars trying to block the Jets and the city from building a stadium over the West Side railyards, has bid $760 million for the property, topping the team's competing offer by $40 million, according to an executive who works with the company. The executive said that Cablevision, unlike the Jets, submitted an "all cash, noncontingent" offer to the Metropolitan Transportation Authority on Monday for the 13-acre parcel along 11th Avenue between 30th and 33rd Streets. Cablevision, which owns Madison Square Garden and regards the proposed stadium as a threat to its business, has not disclosed many financial aspects of its proposal to buy and then develop the site, but it has indicated that its plans include apartment towers, a hotel, a five-acre park, a school and a performing arts enclave on a platform over the railyards. Cablevision estimates that its project would take 12 years to complete. The bidding for the development rights has escalated rapidly since Peter S. Kalikow, chairman of the transportation authority, decided to terminate his exclusive negotiations with the Jets in February and open the bidding up to any prospective buyers. Mr. Kalikow's unhappiness with the Jets' original $100 million offer was compounded when Cablevision suddenly said it would pay significantly more for the property. He said the transportation authority, which is struggling with fare increases, service cuts and shortages in its capital program, had a duty to get the most for the property it could. At this point, it is difficult to draw any quick conclusions about which of the latest bids would be the most lucrative because the offers are so different and there are few details available. The Jets' bid alone runs 1,000 pages. Jets officials, for their part, raised their bid to $720 million when they submitted their latest proposal on Monday. The team, which is putting up $280 million, made its offer in combination with a group of developers who agreed to buy additional development rights for $440 million on the condition that the city agrees to rezone the property. A third company, TransGas Energy Systems, offered $1.05 billion, although it requires that the transportation authority help the company build a power plant in Brooklyn and sign a 20-year contract to buy power from TransGas. There is no doubt that the outcome of the bidding could determine whether Mayor Michael R. Bloomberg succeeds in his quest for a structure that he says could start the redevelopment of the area and serve as an Olympic stadium if the city wins its bid for the 2012 Games. Jeremy Soffin, a spokesman for the Regional Plan Association, which favors the development of housing and some office buildings on the West Side instead of a stadium, hailed Cablevision's offer. "We now have a noncontingent bid that outperforms the Jets both economically and from an urban design standpoint," he said. "Because it's noncontingent, there's no risk to the M.T.A., and the taxpayers are spared $600 million in stadium subsidies." The city and state have agreed to invest $600 million in the $1.7 billion stadium, with the team covering the remaining cost. The Jets, not surprisingly, dismissed the merits of Cablevision's offer. "It doesn't matter what number Cablevision pulls out of thin air, because their proposal isn't real, and the M.T.A. will see right through it," said Matt Higgins, a Jets vice president. Mr. Kalikow hopes to select a winner at the transportation authority's board meeting on Thursday. In the meantime, it hired the Newmark real estate company to evaluate the offers. Real estate experts say the authority will have to take into consideration the fact that part of the Jets offer, $440 million, is contingent on the city agreeing to rezone the railyards, a move that would take at least a year and require an environmental review, public hearings and approval by the City Council. Cablevision also wants the property rezoned, but it is offering $760 million without any conditions, according to the executive. Judging by its original offer, Cablevision's bid includes the cost of building a deck over the yards, which could cost $350 million, leaving the authority with a net of $410 million. A lawyer for Cablevision sent a letter to the authority yesterday complaining about what it said was the authority's "failure to release the bids promptly for public review." It also questioned whether Newmark could fairly assess the bids when several of the company's executives had contributed to the city's effort to win the Olympics. Tom Kelly, a spokesman for the authority, said its general counsel had found no grounds for disqualification. Newmark, he said, will not be involved in discussions with the bidders or board members. Link to comment Share on other sites More sharing options...
Arkady Renko Posted March 25, 2005 Share Posted March 25, 2005 What's the deal? Does the MTA selling this land put money back in the state coffers? Why can't the Giants and the Jets both move to this stadium thus getting more bang for the taxpaying buck? It is more reasonable to spend money on a baseball stadium which will host 81 games a year than it is to spend money on a football stadium which will host only 8 games a year. Link to comment Share on other sites More sharing options...
billsfanone Posted March 25, 2005 Share Posted March 25, 2005 Great, there goes my cable rates. Anyone live on broadcast basic only? Link to comment Share on other sites More sharing options...
BillsNYC Posted March 25, 2005 Share Posted March 25, 2005 What's the deal? Does the MTA selling this land put money back in the state coffers? Why can't the Giants and the Jets both move to this stadium thus getting more bang for the taxpaying buck? It is more reasonable to spend money on a baseball stadium which will host 81 games a year than it is to spend money on a football stadium which will host only 8 games a year. 287334[/snapback] I can't find it, but there was a website with the info about the other options. One was just as you suggest, and it costs less than HALF! Link to comment Share on other sites More sharing options...
stuckincincy Posted March 25, 2005 Share Posted March 25, 2005 Great, there goes my cable rates. Anyone live on broadcast basic only? 287336[/snapback] Hmmm....is there a broadcast "premium" tier?? Link to comment Share on other sites More sharing options...
BillsNYC Posted March 25, 2005 Share Posted March 25, 2005 Great, there goes my cable rates. Anyone live on broadcast basic only? 287336[/snapback] Yeah, but if the Jets win the bid, then you'll be paying more for your trains! Link to comment Share on other sites More sharing options...
BILLS02138 Posted March 25, 2005 Author Share Posted March 25, 2005 http://nypost.com/news/regionalnews/41671.htm Under the Jets' plan, the MTA would not be responsible for the platform. Its would be covered by the $600 million in state and city funds going into the Jets' proposed stadium and convention center. Link to comment Share on other sites More sharing options...
BillsNYC Posted March 25, 2005 Share Posted March 25, 2005 http://nypost.com/news/regionalnews/41671.htmUnder the Jets' plan, the MTA would not be responsible for the platform. Its would be covered by the $600 million in state and city funds going into the Jets' proposed stadium and convention center. 287356[/snapback] Oh...so Western New Yorkers will have to pay for it! Link to comment Share on other sites More sharing options...
JAMIEBUF12 Posted March 25, 2005 Share Posted March 25, 2005 i know jets fans want their own stadium.they have been the giants bitches for a long time.i lve in the newburgh area and i go to the bills jets every year at the meadowlands.what i dont understand is why the jets fans would even want this stadium in those rail yards.they have been saying that if this happens that no tailgating will be alowed.now to me football with no tailgating would be like going to a baseball game.i am sure there are better spots in queens ar down near long island for the jets to build a stadium.i would also rather them just stay in the meadowlands cause i love going to bills /jets and the ride is just under a hour.and i bet they could even get jersey to donate some more swampland for a stadium just for the jets and then they could go back to their loser pre parcells green helmets and call themselves the swamp jets....go bills in'05 and fug the jets and their stadium Link to comment Share on other sites More sharing options...
billsfanone Posted March 25, 2005 Share Posted March 25, 2005 Yeah, but if the Jets win the bid, then you'll be paying more for your trains! 287352[/snapback] Not really. Either way, the MTA will get paid. I hate the MTA as much as Cablevision. Well, not quite... Link to comment Share on other sites More sharing options...
MattyT Posted March 25, 2005 Share Posted March 25, 2005 From the article... The Jets, not surprisingly, dismissed the merits of Cablevision's offer. "It doesn't matter what number Cablevision pulls out of thin air, because their proposal isn't real, and the M.T.A. will see right through it," said Matt Higgins, a Jets vice president. Soooo....an all cash, non-contingent offer that outbids the Jets by $40 million isn't a "real" proposal? What's that old saying? ...something about a river in Egypt? Link to comment Share on other sites More sharing options...
sweet baboo Posted March 25, 2005 Share Posted March 25, 2005 is the MTA a state organization? because if it is, i don't quite understand why the taxpayers money would need to subsidize state property when a private organization like the Jets wants to buy it Link to comment Share on other sites More sharing options...
BillsNYC Posted March 25, 2005 Share Posted March 25, 2005 'More pertinent is the fact that the Dolans were the runners-up to Woody Johnson in the purchase of the Jets from the estate of the late Leon Hess.' Great article: http://sports.espn.go.com/nfl/columns/stor..._len&id=2019590 Link to comment Share on other sites More sharing options...
BillsNYC Posted March 25, 2005 Share Posted March 25, 2005 is the MTA a state organization? because if it is, i don't quite understand why the taxpayers money would need to subsidize state property when a private organization like the Jets wants to buy it 287467[/snapback] THat's a good question...I believe its a city organization, but will look into it. Link to comment Share on other sites More sharing options...
Mike32282 Posted March 25, 2005 Share Posted March 25, 2005 http://nypost.com/news/regionalnews/41671.htmUnder the Jets' plan, the MTA would not be responsible for the platform. Its would be covered by the $600 million in state and city funds going into the Jets' proposed stadium and convention center. 287356[/snapback] How the hell does the City and state haver $600 million to spend on a !@#$ing stadium when schools are closing and losing money, the state budget is terrible and people are fleeing each day. Do they think that a stadium will bring that much money back into the state? They are foolish if they do. Link to comment Share on other sites More sharing options...
gmac17 Posted March 26, 2005 Share Posted March 26, 2005 Do they think that a stadium will bring that much money back into the state? They are foolish if they do. I didn't hear nearly this much bitching when the state was throwing quite a bit of money for the bills. And this stadium / convention center will bring in many times the money that the ralph ever will. not saying it's a good idea for public money, but we got quite a bit of benefit from it as well. Link to comment Share on other sites More sharing options...
Arkady Renko Posted March 26, 2005 Share Posted March 26, 2005 THat's a good question...I believe its a city organization, but will look into it. 287515[/snapback] I am pretty confident that the state is at least partly involved with the MTA because when I was going to work at the State Assembly as a budget analyst, there was someone who specifically worked on MTA issues there interviewing me. Link to comment Share on other sites More sharing options...
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