Report: Bronx Parks Now More Expensive

The cost of building parks displaced by the new Yankee stadium is climbing. A report from the city's Independent Budget Office says the price tag is now nearly $195 million, up 67 percent. How did this happen? The IBO report says much of the increase is a result of design changes, construction delays, and hazardous waste found on the Bronx site.

As part of the deal with the Yankees, the city agreed to build new parks to replace Macombs Dam Park and part of John Mullaly Park. Asked if the rising cost adds to the perception that the city is subsidizing a wealthy sports team, Mayor Bloomberg says the issue is adding parks to an under-served borough.

BLOOMBERG: We're gonna get parks that the people of the Bronx can use. And I wish we could have built them cheaper, but we couldn't. But we certainly need parks there - AND we need a new Yankee Stadium.

REPORTER: The parks are supposed to be finished by fall 2011.