Monday, June 06, 2005

The West Side Stadium: dead!

I'll write more when I get home, but I'm so overjoyed that I had to make a quick entry. (For more background on the proposed Manhattan sports stadium, read this, where I linked to a few of my earlier posts on the stadium.)

What an astonishing development: I was counting on Senate Majority Leader Joe Bruno to reject the stadium, but it was State Assembly Speaker Sheldon Silver who did it. It's a huge political defeat for NYC Mayor Bloomberg, but a victory for taxpayers all across the state of New York.

The stadium proposal isn't completely dead, but without the state's $300 million, it's effectively dead. A new deal could possibly be worked out, but the clock is ticking. It must come before July 6th, when the IOC votes on what city will "win" the 2012 Olympics. Worse, Senate Majority Leader Joe Bruno may said earlier today that he now supports the stadium, but only if NYC gets the IOC's nod. And Paris is currently the favorite.

So if NYC doesn't win on July 6th, the stadium is definitely dead. If NYC wins, Silver could still keep the proposal dead.

Maybe Bloomberg and Gov. Pataki made the same mistake I did, figuring that Bruno was the one to work on, and forgetting about Silver. Or like I said about Bruno, Silver could turn this into a big power play: Silver could switch and favor the stadium, if Pataki and Bruno will support his pet legislation that otherwise didn't have enough support to pass.

Mayor Mike, if you want the stadium so badly, if it's such a good business deal, why don't you solicit funding from private investors? In fact, why couldn't you, a billionaire yourself, put up the $300 million yourself?

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