If you must drive to Yankees games, you might as well stash your car in the bleachers. A city economic development official said today that it would cost $25 a car to park in one of the official garages at the new Yankee Stadium.
The estimated cost of building new, more and better parking spaces to accompany the new stadium went up 13 percent to $295 million just since April, when the tax-exempt bond issue first appeared before the city’s Industrial Development Agency for approval, according to application materials.
The city’s economic development agency thinks that patrons will nonetheless pony up. While officials had been modeling revenues based on $20 to $23 a car this spring, they modeled $25 to make the higher cost pay for itself, according to the official, who spoke on condition of anonymity. Currently, fans pay $14.
Part of the increased cost is due to typical construction inflation; but part of it also is due to the fact that potential investors wanted the company building the garages to set aside twice as much money as previously planned to cover debt payments during the construction period, the official said.
At a public hearing this morning, four people spoke against issuing the bonds, which will deprive the city, state and federal government from collecting taxes on interest paid to investors. The agency's board is expected to vote on the project next week.
“We spend millions on public transportation and now we are spending millions to encourage people not to take it,” said Joyce Hogi, a Bronx resident and member of Save Our Parks.
No one has said how much the Yankees will charge for actual game tickets, but no one thinks they will be cheap.