ESDC reveals game plan for the Yankees and Mets.

Empire State Development Corporation announced board approval to adopt the general project plans for the Yankees and Mets Stadiums.

The plans call for significant infrastructure improvements for the new Mets Stadium and the construction of new structured parking spaces for the new Yankee Stadium. The Yankees and Mets will privately finance their new facilities, with the State contributing to infrastructure upgrades for Shea Stadium, including surface parking, and the construction of new parking facilities for Yankee Stadium.

The City will be contributing toward necessary infrastructure improvements at both Shea and Yankee Stadiums, and toward parkland replacement for the Yankee Stadium area.

The board approval does not constitute final approval for the project. The plans will be subject to a public hearing and will remain subject to final directors' approval at a later date.

The Yankee Stadium area revitalization plan calls for an open-air, five-level stadium with approximately 53,000 seats, standing room for 1,000 and 60 suites. Four new garages would be constructed, which would provide around 4,735 new parking spaces, bringing the total number of spaces at the new Stadium to approximately 10,300. The project would also include the development of roughly 24.5 acres of new parks in the community.

The total project costs are estimated at $1.2 billion. The $800 million Stadium will be financed by tax-exempt and taxable bonds to be issued by the New York Industrial Development Agency. The City will contribute approximately $129.2 million to replace parkland and make necessary infrastructure improvements and additional $4.7 million in capital reserve. ESDC will contribute $70 million for the construction of the new parking garages and $4.7 million in capital reserve.

The Yankees will then enter into a non-relocation agreement, which would require the team to play its 81 home games at the new Stadium and prohibit it from relocating to another city for 40 years. Construction will begin by spring of 2006 and will be completed by 2011.

The Shea Stadium area revitalization plan will include an open-air, seven-level stadium with 42,500 seats and standing room for 1,600 fans, with approximately 50-60 suites. The plan also calls for approximately 1.26 million s/f of retail, business function and support space and 8,800 parking spaces.

The total project costs are estimated at $600 million. The approximately $444.4 million Stadium will be financed by tax-exempt and taxable bonds to be issued by the IDA. The City will contribute approximately $85 million for necessary infrastructure improvements and an additional $4.7 million in capital reserve. ESDC will contribute $70 million for the construction of the infrastructure improvements and $4.7 million in capital reserve.

The Mets will be responsible for the construction of the new Stadium and related infrastructure improvements.

The Mets will enter into a non-relocation agreement as well, which would require the team to play its 81 home games at the new Stadium and prohibit it from relocating to another city for up to 35 years. Construction will begin by spring of 2006 and be completed by 2009.