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....March 2, 12:06 PM |
| An Economic Home Run?: Stadium, Willets Point To Give Queens $800M Boost, Thousands Of New Jobs
By JEFF FEINMAN The cranes and trucks will roll into Corona over the next few years, as a new stadium for the New York Mets and an overhaul of Willets Point are in the plans for Queens, adding to what seems to be a continuous source of economic stimulation to the borough’s economy.
By 2009, a brand new 44,100–seat stadium equipped with more luxury boxes and unique amenities will be built for the Mets, just northeast of the current Shea Stadium. In between the new stadium and downtown Flushing lies Willets Point – a mish-mosh of auto repair shops and junkyards that seemed to miss out on the urban growth of the 20th century. Though a unique economic engine thrives there, it does so without the benefit of sidewalks, parking, storm drainage and other improvements. Soon, if the city gets its wish, it will be reborn, replaced with new retail facilities, a conference center, a hotel and residential growth with waterfront views. “This is a part of the borough that is the focus of intense development,” said Borough President Helen Marshall. “Downtown Flushing to the east is changing rapidly, with many new projects that will bring thousands of units of housing and new retail and cultural opportunities.” Stadium Economy Funding for the new Mets stadium will come from a number of sources. The apportioned budget for the entire project is $600 million. The Mets have agreed to pay $423 million into that pot of money for direct construction expenses, according to the Empire State Development Corporation (ESDC), along with another $22 million towards infrastructure improvements. New York City’s total contribution will be $89.7 million, with $85 million taken from the state budget for 2006, dispersed on a pro-rated basis. The remaining $4.7 million will be used as a capital reserve fund for when the Mets begin to occupy the stadium in 2009. The ESDC will supply $74.7 million for the project. In addition to the $423 million supplied by the Mets for construction, the remaining $177 million of the overall project budget will go to infrastructure improvement costs. $155 million of that money will come from public parties, according to the ESDC, and $22 million will come through bond proceeds. The city will lease the new stadium site for a term of up to 99 years. Because it is on city property, the new stadium will be exempt from property taxes, and instead will pay debt services on tax-exempt bonds. The Mets will also enter into a non-relocation agreement when a lease is settled, ensuring not only that the team stays in Queens, but also that the city gets paid. A Good Plan? The ESDC held a public hearing Monday afternoon at Flushing Town Hall, at which political officials and local residents gave their opinions on the new stadium plans. Everyone who spoke seemed to be in agreement that construction of the new stadium would have a positive effect on local business. “This project makes a lot of sense when you consider the economic impact to the residents,” said Councilman David Weprin (D-Hollis). “The overall project’s budget of $600 million will put people to work, producing over 3,500 direct jobs and a total of more than 6,000 jobs through direct and indirect employment.” Weprin, who is chairman of the City Council Finance Committee, also explained that jobs given out would generate an estimated $391 million of income, while construction activity will produce approximately $782 million for New York City. Over 40 years, the city’s total fiscal benefit from the stadium will generate more than $87 million, which will cover the city’s initial budget expenditure. “The number of jobs created from the new stadium will certainly be the largest economic impact,” said the Queens Director of Economic Development Seth Bornstein. He said he hopes that the new stadium can lead to other results as well. “We’re hoping that the new stadium and better facilities will attract more concerts and events and lead to more profit. Rather than playing five nights at the Meadowlands, someone like Bruce Springsteen will hopefully play a few more concerts in Queens.” Most local residents have expressed a favorable opinion of the new stadium. “As a Flushing resident, I realize that the eastern parts seem to be struggling,” said Andrew Cardona, who attended the hearing. “We really need a boost as far as business goes in Flushing, and I think it’s a great idea.” However, not everyone is pleased with the new stadium plans and how the city is going about introducing them. Queens Olympic Committee President David Oats, a former Queens Tribune editor, had some initial suspicions regarding the plans. “We have a problem with the fact that they’re reducing seats,” Oats said. There will be roughly 10,000 fewer seats in the new ballpark. “This proposal doesn’t seem to have any provisions for the possibility of the city making another bid for the Olympics. There’s something fishy going on.” Oats also criticized the timing of the public hearing, noting that the 4 p.m. start made it very difficult for working people to attend. He called the hearing “a fake and a phony.” Mets officials have been declining comment on the new stadium until an official announcement, which is said to be planned within coming weeks. The World Next Door According to the city’s Economic Development Corporation, there are currently a number of proposals being considered for the development of Willet’s Point. Final proposals are due May 5. It is expected that the overall cost of the development would be an estimated $214.5 million. Published reports have said that cleaning the area and land acquisitions might cost the city as much as $130 million. |
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