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News
Council Asks: How Will City Pay for Stadium?
by Amy Eddings
NEW YORK, NY February 07, 2005 —City councilmembers pressed city officials for details on how the city would pay its part of a West Side Stadium. And city council speaker Gifford Miller criticized theIn City Council hearings today, Jets President Jay Cross says his team will abide by the decision of mediator George Mitchell. But Cross said the Jets reserve the right to walk away from the deal entirely. Former Senator Mitchell was called in to determine the fair market value of the 13-acre plot on the far west side where the Jets want to build their stadium. Jay Cross:
Cross: If it's a reasonable number, that's within the reasonable range of the appraisals, based on reasonable evaluation which we all expect Senator Mitchell to do, then we will abide by his number.
The MTA says the site is worth $300 million. The Jets appraised the value at $35 million, but have said they'll pay $100 million. Others have placed the value at closer to a billion dolars.