Huge Bid$ - New York Olympic $tadium $ite

NEW YORK, March 29 - Rivals Cablevision and TransGas Energy submitted higher bids than American football’s New York Jets for the West Side Manhattan railyards where a proposed 2012 Olympic stadium would be built.

Details of the bids were released Monday by the Metropolitan Transportation Authority ahead of Thursday’s scheduled selection of a winning bidder by the MTS board, a choice that will have a major impact on New York’s Olympic hopes.

The proposed stadium is the centerpiece of New York’s Olympic bid and has the support of political and business leaders while area residents and civic groups have opposed the plan.

International Olympic Committee members will decide a 2012 Games host on July 6 from New York, London, Paris, Madrid and Moscow.

The Jets bid 720 million dollars for the property with only 280 million dollars from the team. Six other developers will pay the remainder for development rights should the city rezone the land.

Cablevision’s bid of 760 million dollars includes building a deck over the railyards at a cost of 360 million dollars and 400 million dollars in cash, 150 million more in cash than the Jets’ offer.

TransGas bid 1.05 billion dollars but in exchange wants the MTS to sign a 40-year deal to buy power from TransGas as well as help the firm gain approval for a proposed power plant in Brooklyn.

Cablevision, owners of Madison Square Garden, would have a major new rival for indoor event business in Manhattan if the proposed retractable roof stadium is constructed.

Instead, Cablevision plans to build a hotel, apartment building, school and performing arts center over 12 years.

The Cablevision bid has no conditions attached and pays for the deck above the railyards. The Jets plan requires taxpayers to foot the bill for the deck.

NEW YORK, March 31 - The Metropolitan Transit Authority approved the New York Jets’ plan for a 1.7 billion-dollar stadium complex here Thursday, clearing a hurdle to construction of a possible 2012 Olympic Stadium.
The state agency’s unanimous approval of the American football team’s 720 million-dollar proposal came despite complaints from citizens and lawmakers, some of whom vowed a legal fight over the matter.
MTA officials rejected a 760 million-dollar offer from Cablevision, owners of Madison Square Garden, which had hoped to stop construction of a facility with a retractable roof that could compete for events.
A state development group that supports the project must give its blessing before the matter comes before the Public Authorities Control Board, a panel of three state politicians that has been sensitive to public protests of the idea.
Despite uncertainty over political approval, the planned stadium was at the heart of New York’s bid for the 2012 Summer Olympics.
New York is competing against Paris, London, Moscow and Madrid for the 2012 Olympics, with the International Olympic Committee set to make a decision in July at a meeting in Singapore.
This is a critical step in moving forward with our plans for an Olympic Stadium and further strengthens our overall plan,'' deputy mayor and 2012 bid founder Dan Doctoroff said. We are confident that the coming months will see the New York Sports and Convention Center become a reality. Today’s decision is tremendous for our bid.’’
A West Side Manhattan railyard would be transformed under the redevelopment plan, which the National Football League aided for its Jets by vowing to stage the 2010 Super Bowl at the new stadium should it be built.
The Jets’ bid includes 440 million dollars coming from six developers who would require zoning changes in exchange for their purchase of excess development rights.
City and state funds would be used to construct a 600 million-dollar platform over the railyards.
A deal from TransGas Energy pegged at more than one billion dollars was also rejected. It came with conditions regarding future energy purchases and approval of a power plant in Brooklyn that were dealbreakers.