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?
Alex Pavlovic of NBC Sports Bay Area hints that the Giants may be done with outfielder Hunter Pence. It’s not clear just how seriously the club is contemplating such a decision, but there are six days remaining on Pence’s rehab assignment, at which point they’ll be able to recall him, reassign him to the minors or release him.
The 35-year-old outfielder has struggled to make a full recovery after spraining his right thumb during the first week of the season. Pence bounced back for a 17-game run with the Giants in April, during which he slashed a meager .172/.197/.190 with one double and one stolen base in 61 plate appearances, but was eventually placed on the disabled list with recurring soreness in his finger. He currently sports a promising .318/.359/.388 batting line with four extra-base hits (including a grand slam) over 92 PA in Triple-A Sacramento.
Despite his recent resurgence in Triple-A, the Giants may not need the additional outfield depth just yet. Mac Williamson, who was recalled in the wake of Pence’s DL assignment, has already cemented the starting role in left field and is off to a strong start at the plate as well. Of course, if the Giants decide to say a premature goodbye to their veteran outfielder (who, it should be said, helped them to two World Series championships over the last seven seasons), it’ll cost them the remaining balance on his $18.5 million salary for 2018.