"100 economists give stadium a bad grade"

By Chuck Bennett
amNew York Staff Writer

More than 100 economists came out against the West Side stadium in an open letter sent to Gov. Pataki and Mayor Bloomberg yesterday.

"Supporters of the Jet's fiasco can't claim they have all the economic evidence on their side when 106 well-respected voices from around the country and the economic spectrum are saying 'we object,'" said John Berthoud, president of the National Taxpayers Union, an advocacy group for lower taxes ans smaller government.

The 106 economists, including a Nobel Laureate and professors at Columbia, Princeton and Rutgers universities, wrote, "The proposed Jets Stadium on Manhattan's West Side, now estimated to cost $1.925 billion -more than three times the cost of any other NFL stadium-will not generate significant net economic or fiscal benefits." It estimated the total public subsidies will cost taxpayers $1.295 billion.

The Jets estimate that the stadium coupled with an expanded convention center, will generate $126 million in tax revenues a year along with thousands of new jobs. The Jets did not return a call for comment.

"The governor supports this project because of the many benefits it will bring to New York as a multiuse facility." Lynn Rasic, a Pataki spokeswoman, told amNew York. She referred to figures from the city's Independent Budget Office that estimated the stadium would bring in $28.4 million a year in tax revenue.

The National Taxpayers Union has opposed spending public funds on stadium around the nation, most recently against the $500 million ballpark for the new Washington Nationals.

Meanwhile, a crucial vote in Albany to approve $300 million in state funds for the stadium is scheduled for tomorrow. Assembly Speaker Sheldon Silver, a Democrat who represents lower Manhattan, has expressed reservations about the project and is likely to ask that the vote be postponed.

Already, the vote by the Public Authorities Control Board, the obscure state panel that must approve the stadium funds, had been postponed. Pataki, Silver and Senate Majority Leader Joseph Bruno, A Republican from Rensselaer, each control one vote. Bruno has also yet to back the stadium.

I've posted the above as I know there is some interest here about the stadium.

P.S. sorry about the post below, entered before I was ready!

I have to say that I am getting pretty pesimestic about the Big Apple bowl getting done.....I read somewhere that the Giants are talking about building a new staduim in the meadow lands....maybe we could use that if it gets built



Jackson

I have to agree.

If the Jets feel that building a stadium in Manhatten would bring that much business and enhance the area, then the New York Jets should buy and fund the project PRIVATELY.

The Washington Redskins built their own facility and only asked the state of Maryland for road improvements. If the Skins can, the Jets can, too.

It seems like the Giants have the right idea.

I'm sure Upstate NY is very against this, am I correct?

The vote was delayed again yesterday- the second time in 3 weeks. The situation is getting even more political than it was before.

fsquid Wrote:I'm sure Upstate NY is very against this, am I correct?

In NY politics it is all about scratching each other's back. Upstate NY is all for it when the state funds some projects upstate.

chess Wrote:I have to agree.

If the Jets feel that building a stadium in Manhatten would bring that much business and enhance the area, then the New York Jets should buy and fund the project PRIVATELY.

The Washington Redskins built their own facility and only asked the state of Maryland for road improvements. If the Skins can, the Jets can, too.

It seems like the Giants have the right idea.

The Jets are already negotiating a new lease with the Meadowlands, that was reported last week. They would have a escape clause for if and when the West Side is built. They are supposedly getting a better deal than their present one with Jersey.

chess Wrote:I have to agree.

If the Jets feel that building a stadium in Manhatten would bring that much business and enhance the area, then the New York Jets should buy and fund the project PRIVATELY.

The Washington Redskins built their own facility and only asked the state of Maryland for road improvements. If the Skins can, the Jets can, too.

It seems like the Giants have the right idea.

The Giants do have the right idea they're building the stadium themselves the only thing that New Jersey is doing for them is allowing them to lease the land at a discount that the stadium is being built on and although unrelated to the new stadium and related to the giant Xanadu Entertainment/Shopping/Office-Commercial project being built at the Meadowlands is a rail spur from the Bergen, Main, and Pascack Valley Lines into the Meadowlands complex and they're also going to bring the Hudson-Bergen Light Rail system into the Meadowlands. Thats currently only a feasibility study that just started, my Step Father who works for Booz Allen is heading up the team that will be doing the study. However, the state isn't giving much money up to support them, just doing some long-time necessary transit improvements to the meadowlands complex.

brista21 Wrote:

chess Wrote:I have to agree.

If the Jets feel that building a stadium in Manhatten would bring that much business and enhance the area, then the New York Jets should buy and fund the project PRIVATELY.

The Washington Redskins built their own facility and only asked the state of Maryland for road improvements.  If the Skins can, the Jets can, too.

It seems like the Giants have the right idea.

The Giants do have the right idea they're building the stadium themselves the only thing that New Jersey is doing for them is allowing them to lease the land at a discount that the stadium is being built on and although unrelated to the new stadium and related to the giant Xanadu Entertainment/Shopping/Office-Commercial project being built at the Meadowlands is a rail spur from the Bergen, Main, and Pascack Valley Lines into the Meadowlands complex and they're also going to bring the Hudson-Bergen Light Rail system into the Meadowlands. Thats currently only a feasibility study that just started, my Step Father who works for Booz Allen is heading up the team that will be doing the study. However, the state isn't giving much money up to support them, just doing some long-time necessary transit improvements to the meadowlands complex.

Amen to the Giants and the state of New Jersey.

The Bears just got a new stadium and got a sweetheart deal thanks the Richard Daley. The Bears talked about shopping around if they couldn't get the deal.

I would say to the Bears, "Please move".

We are the #3 market in the nation and the Raiders have considered moving here (Comiskey/US Cellular! We don't need to be held hostage by a NFL team!

It wouldn't surprise me if the whole idea is scrapped. I think a lot of this stadium is also based upon the 2012 Olympic bid and as of now, Paris and London are probably making a better case for hosting. NY City and State bureaucracy is what tears apart this stadium, as well as the Olympic bid, and that blustery hoopla called Freedom Tower. Much of the opposition cries that the city needs more office space, housing, or money for more relevant public works and services. We won't even mention the power struggle between Upstate and the City.

TexanMark Wrote:

fsquid Wrote:I'm sure Upstate NY is very against this, am I correct?

In NY politics it is all about scratching each other's back. Upstate NY is all for it when the state funds some projects upstate.

Right, except the stadium is being held up by powerful Assemblyman Sheldon Silver who insists the state send 800 million dollars in projects to his downtown Manhattan District before he signs anything.