Back when New Yankee Stadium was built, the team demanded that the city build parking garages to house 9,000 cars. Never mind that the ballpark is right next to a train station.
But the city agreed, issuing tax-exempt bonds to cover the costs plus subsidizing the garages to the tune of $100 million on top of that. Now those bonds are likely going into default, reports the New York Daily News:
Bronx Parking Development LLC failed to make a $6.9 million payment due April 1 on more than $237 million in tax-exempt bonds arranged by the Bloomberg administration back in 2007.
The group, which is not connected to the Yankees, thus fell into one of the biggest defaults of a New York City-sponsored bond in decades.
Sounds like this will lead to a city bailout or a bankruptcy, leaving the bondholders and/or taxpayers holding the bag.
Just another fabulous example of what happens when the government does favors for sports teams and all common sense is thrown out the window. And when the recipients of those funds try to gouge the hell out of customers, charging them some $35 to park, which rendered the garages half empty most of the time.
How hard is it to tell a billion dollar business like the Yankees to build their own parking garages if they want them so bad?
The Rays have acquired shortstop Adeiny Hechavarria from the Marlins, Clark Spencer of the Miami Herald reports. The Marlins will receive minor league outfielder Braxton Lee and pitcher Ethan Clark. The Rays are expected to assume the remainder of Hechavarria’s $4.35 million salary for the 2017 season.
Hechavarria, 28, has only played in 20 games this season due to an oblique injury. He has mustered a meager .277/.288/.385 triple-slash line with four extra-base hits and six RBI across 67 plate appearances. He still plays decent defense, though, so that may be enough for him to take the everyday shortstop job in Tampa.
Lee, 23, was selected by the Rays in the 12th round of the 2014 draft. This season with Double-A Montgomery, his second stint there, Lee hit .318/.387/.391 over 296 PA.
Clark, 22, was taken in the 15th round of the 2015 draft by the Rays. In his first stint at Single-A in Bowling Green, Clark has a 3.11 ERA with a 50/18 K/BB ratio in 55 innings of work.
Tom Boswell of the Washington Post does frequent Q&As with readers and today he had quite the A to one of their Qs.
The question was about the Nats’ bullpen, which is obviously a glaring weakness on an otherwise excellent team. Following a long answer talking about the approach to bullpen construction, he dropped this:
On Friday, yet ANOTHER National simply walked up to me and said, “When the hell are they going to get this done? What are they waiting for? Waiting is just doing more damage.”
He didn’t even have to say what subject he was talking about or whom “they” were but it’s the bullpen and the Lerners.
A team has a problem when all a reporter has to do is say, “How’s it going?” and an established part of the team blasts the owners for not understanding what’s happening in their own dugout/clubhouse.
The Nats have a bit of a history venting to the Post’s reporters in ways a lot of players don’t vent, but that’s usually when things are going bad overall. These days, things are going pretty good for the Nats, the bum bullpen notwithstanding. I guess one weakness on an otherwise good team is annoying as hell.
But I guess now that they’re getting K-Rod, all of that will end.