According to the New York Sun the New York Jets are substantially increasing their $100 million offer for the development rights over the Hudson rail yards at the far West Side of Manhattan where a 75,000-set domed stadium would be built which is reportedly crucial to New York’s bid for the 2012 Summer Olympic Games.
The Jets president Jay Cross told a WCBS news show Sunday that the Jets would present “a competitive bid” by the March 21 deadline set by the Metropolitan Transportation Authority (MTA), the organization selling the development rights, or air rights, at the rail yards. He did not say how much the Jets would offer for the development rights.
The Jets have bid $100 million but Madison Square Garden, owned by Cablevision, offered $600 million, less the cost of erecting a platform over the 13-acre rail facility.
There’s also a third interested party, TransGas Energy, that offered $700 million; although because of some strings attached to the bid the New York Sun says its proposal will probably not qualify.
According to comments by New York Mayor Michael Bloomberg the Jets stadium has been portrayed as make or break for New York’s 2012 bid. Although some of the Mayor’s critics say any stadium could be suitable, when the International Olympic Committee (IOC) Evaluation Commission visited New York last week the committee indicated that the West Side stadium site would be a critical factor in its deliberations for the 2012 host city.
Bidding for the West Side development rights closes on March 21 and the MTA is expected to vote on the sale at its March 31 meeting. Even if the Jets buy the rights for the site the Empire State Development Corporation, New York’s economic development arm, and the Public Authority Control Board, will have to approve the project.
