New York City FC: Parking Garage hindering stadium progress
The future stadium of New York City FC is being hindered by an irresponsible parking company
Every few months, there is an update on New York City FC and their future stadium. Mostly, these updates are about the progress, and what is standing in the way of establishing the location for the club’s future home. Previously, positive news regarding a highway ramp being transformed into a walking ramp was welcoming. This time around, corporate immaturity surrounds the latest update.
According to Gabriel Sandoval at The City, Bronx Parking Development Company LLC is hindering the plans for NYCFC’s future stadium, and affordable housing as well. The parking company is in hot water due to the ‘outfit’s defaults on $237 million in bonds issued in 2007 by the city Industrial Development Agency’. The company also has ‘$99 million in rent and payments in lieu of taxes owed to the city from the parking company over the lifetime of the bonds, along with $34 million in interest on debts unpaid so far’. In other words, the company owes ‘$133 million in debt to taxpayers’.
According to the New York Yankees, who own a percentage of NYCFC, they have an offer that will aid Bronx Parking. The baseball team will pay off some of their debts, and prevent the Parks Department from terminating their lease. However, the company is being immature, for they are stalling. Sandoval reports this is partly due to the construction of the new Yankee Stadium from 2009, and the fact there were too many parking spots created.
Between the mass influx of parking spaces, and the inability to fill them, Bronx Parking has struggled to make earnings to keep their parking garages afloat. But, rather than ask for help, or attempt to work with the city and the Yankees, the company instead allowed debts to pile up and decided not to pay their lease. Such a decision is daft and irresponsible.
Although, per the New York City Economic Development Corporation, the company is under negotiations for a restructuring agreement. Yet such a statement is vague, and in political terms can mean nothing. The company can be under negotiations with the city for years, and that is what the EDC would state. Hence, Bronx Parking should stop wasting time, and even more money. They can help themselves through the Yankees’ offer.
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Enough is enough
According to Sandoval, the Yankees said the deal would allow for a stadium for New York City FC, but also a four-level parking garage and 2,000 affordable housing units.
Such a deal would help pay off bondholders, and move Bronx Parking closer to a stable economic position. That move would also add to the economy in the Bronx by adding jobs, thus improving the livelihoods of multiple families.
Therefore, this immature stalling is incredibly flabbergasting. Bronx Parking could be helping themselves and Bronx families, but instead, they are holding onto anger and grudges because the Yankees had them add too many parking spots.
Remember, this is not middle school, and hopefully, the company is run by adults. But if they were run by responsible and reasonable adults, then they would help themselves, and accept help from the Yankees, and even New York City.
Furthermore, due to the pandemic, there are many individuals that would benefit from employment opportunities due to construction in the South Bronx. There are many families that will feel the impact of 2020 for years to come, and having the opportunity to live in affordable housing units would be extremely helpful.
Hence, this not just about New York City FC getting their stadium, but helping those in the community. But Bronx Parking does not seem to care about those in the South Bronx. Otherwise, they would have never stalled, and would not continue piling up their debts.
It is vital to note Bronx Parking Development Company LLC is a subsidiary of Community Initiatives Development Corporation. Per CIDC, their mission is “to lessen the burdens of government”. Yet, Bronx Parking has been a burden, so it is also shocking the parent company has not handled this situation in a timely manner.
Any person with a heart would question why Bronx Parking is being so stubborn, foolish, and rash with this process. But then again, it is possible their actions were advised by lawyers who are experts in business, but it would not make sense why they should continue burying themselves in deeper debt. One can only hope the company wakes up and agrees to help themselves by helping others.
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In the end, yes, this is about New York City FC and their future stadium. Bronx Parking Development Company LLC is hindering the process. But more importantly, this is about the community in the South Bronx, and what a stadium project would bring to their economy and families.