Report: Stadium Parking Falls Short on Jobs Promise
A company that received millions in tax-exempt bonds to finance the development of parking lots around Yankee Stadium did not deliver on the number of jobs it said it would create, an audit from the City Comptroller’s office detailed recently. Bronx Parking Development Company LLC received $225 million in private activity bonds to build 2,184 parking spaces near the new Yankee Stadium. The city’s Economic Development Corp. (EDC) approved the financing for the project despite the fact that the organization’s parent company had defaulted previously on tax-exempt economic development bonds, the report said. “The EDC has enormous power to create
