Whipped Cream Difficulties

…in the “Ha ha!” sense:

Parking in New York City is also expensive. Especially near Yankee Stadium on game days.

Good news: there’s a train! And a subway!

Bad news for the people who own the parking lots: they didn’t plan on having a train stop near the stadium.

Bronx Parking Development Company, the operator of the lots, has defaulted on nearly $240 million of its bonds because of overambitious forecasts and less expensive transportation alternatives for fans, like the subway and Metro-North Railroad.

More:

If new revenue is not found and costs are not cut in the coming months, the company could go bankrupt even though the city provided more than $200 million in subsidies, some of which were used to replace parkland where parking lots now stand. The company’s next debt payment is due in April.

I find myself wondering where “new revenue” is going to come from, unless BPDC blows up the train and subway tracks. Come to think of it, this is New York; they could probably find a couple of guys who’d do that for a price.

Interestingly, the city’s Industrial Development Agency issued the bonds for BPDC, but the city does not have to pay if BPDC defaults. I’m not clear on how that works. But, “the company owes the city $25.5 million in rent and payments in lieu of taxes accumulated since 2007.”

Also, just to be clear: BPDC is a separate company from Satan’s minions, the New York Yankees. The Yankees don’t own the parking and have no say over it. Which is a shame; at least the Yankees could manage a team into the playoffs, so why not let them have a shot at parking?

This entry was posted on Monday, October 22nd, 2012 at 1:46 pm and is filed under Cars, Clippings. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.