RSJ Posted March 9, 2005 Share Posted March 9, 2005 the other issue, of course, with the LDC is that while it offers bankruptcy protections (and let's face it, the taxpayers of new york city are the best guarantors on the planet, so that's not an issue - our relatively stable rating, even in times of financial crisis, is as big a testament to that as any) it was set up to enable the PILOTs (that's the point you didn't want to discuss, but the Jets couldn't do this by themselves, because they wouldn't be able to use tax exempt bonds, or own the stadium) and, perhaps more importantly, to sidestep city council authority - if the monies went from the city to the jets directly, it would all need couincil approval. Two things here: 1) The bankrupcy thing is a good protection whether the city is great guarentors or not it is a smart move to protect the city and its taxpayers. 2) The Jets may not be able to do this by themselves but neither could the city. The stadium and all the revenue it will generate is the focal point of this whole project. The city is hurting right now and could use to create new revenue streams. This project will do that. Though it may take some time to materialize it will be a great revenue stream for years to come. Link to comment Share on other sites More sharing options...
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