Promises, Promises: The Yonkers Version By Hezi Aris

Instead of gloom and doom, let’s each look at the crystal ball, holding hands to insinuate a sense of gravitas and commitment in the sacrosanct closet on the second floor of Yonkers City Hall. The protagonists, each respectively protected from being divulged are an unique crowd of delusional sycophants crowded about an effigy of Mayor Phil Amicone who is still on vacation. Nevertheless, these fawning parasites, mostly yes men, are smitten with the prospect of making the big bucks, seemingly unaware that the world stage is struggling at every turn to salvage stability from the jaws of an instable, volatile, and uncertain international banking and global trading system. Perhaps none of the aforementioned, though everyone in Yonkers knows who they are, read The Financial Times, or The Wall Street Journal; perhaps they are illiterate or worse still, are enamored by a false belief, one resistant to reason or confronted with actual facts. They are unlikely to be derailed from the vision of garnering approval for the $1.6 billion SFC Yonkers, Inc. project. Move the equation forward, no matter reality, no matter sensibility, no matter the R.O.I. (return on investment).

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Important to the equation of the SFC Yonkers, Inc. project is the fact that only one week ago, Mary Jane Foster, owner of the minor league Bridgeport Bluefish baseball team sold the franchise for a second time. She sold the Bridgeport Bluefish to Frank Boulton, Atlantic League CEO and principal owner/CEO of the Long Island Ducks. Mary Jane Foster and her husband Jack McGregor hold the present franchise for the minor league imprint that is part of the SFC Yonkers, Inc. proposed project.

Boulton’s purchase of the Bridgeport Bluefish was based upon his agreement to pay off the minor league franchise’s overdue back rent, inclusive of police and fire protection at a value of $246,323 as soon as the city of Bridgeport approves the transfer of the stadium license for the Ballpark at Harbor Yard.

The first time Boulton came to the financial rescue of the Bluefish was when he paid $250,000 in July to help meet the team’s payroll and to get the team through the balance of the 2008 season. Boulton has been attributed to have said, "it would have been an embarrassment" for one of the league's original teams to fold noted an anonymous source.

Since Foster purchased the team in December of 2005, the team has experienced three straight seasons of finishing in the red and two consecutive losing seasons on the field with plummeting attendance. The team's total home attendance fell from 206,469 in 2006 to 167,372 in 2007. It dipped to a franchise-low 156,429 in the 2008 season.

Under Foster’s tenure, the CEO and team president reduced costs and lowered annual losses from an estimated $500,000 in 2006 to $200,000 in 2007, and Bluefish general manager Todd Marlin has advised that despite a losing record, the team "was getting close to breaking even."

Mary Jane Foster’s promise to Bridgeport was a short and sweet three years. Not much of a commitment. Can she offer Yonkers more?

On a different front, Bruce Ratner’s $4 billion dream for Brooklyn is being postponed for at least until next year. Bruce Ratner’s Brooklyn development project, known as the Atlantic Yards project, has atrophied for the New Jersey Nets owner and developer of proposed office towers and thousands of apartments in Brooklyn. Ratner’s Ridge Hill Development Project in Yonkers continues to progress toward fruition. In Brooklyn, legal challenge has had recent court ruling delay the project for at least half-a-year which infers the Nets will not be able to move into the contemplated arena until at least 2011. Groundbreaking has been pushed back until at least next year for the arena, which will cost more than three times what Ratner paid for the entire franchise. And the financial crisis has made it tougher to raise money, potentially jeopardizing a lucrative naming rights deal with Barclays Capital.

“Financial experts and state and city officials who have heard the developer's private pleas for more government aid say the failing economy has created a far bleaker picture for Atlantic Yards,” wrote The International Herald Tribune on October 14, 2008.

"It's got more of an economic stall than a political or a legal stall," said Michael Rowe, a sports management expert and former president of the Nets. "I think he missed the curve on when that project was financially viable and now he has to wait for it to come back."

A leading critic of Atlantic Yards says the project is doomed.

"I think it's clear to everyone," said Daniel Goldstein of Develop Don't Destroy Brooklyn, a residents' group suing to block the project. "This is just merely a fantasy that they're going to build this project. Yet they're moving forward as if everything's fine."

Sentiment familiar to Yonkersites.

The downturn is threatening plans begun four years ago when Ratner, CEO of Forest City Ratner Cos., bought the Nets as a centerpiece of a 22-acre development on an old rail yard, industrial buildings and homes in Brooklyn. The megaproject would include an 18,000-seat sports and entertainment arena, 16 skyscrapers with hotel, office and retail space, 6,400 apartments and eight acres of open space.

Ratner’s project is reminiscent of the expected endorsement of the SFC Yonkers, Inc. project that awaits two additional hurdles before receiving final approval. Yonkersites recognize that I appreciate most aspects of the project; I find it visually pleasing. My concerns have always been based on not being satisfied by the nebulous financial return promised by SFC Yonkers, Inc. spokesperson Joe Apicella, and the lack of confidence I have in City Hall’s inept planning for the project, and the lack of financial acumen available from within Yonkers Corporation Counsel to negotiate a good deal for Yonkers..

If Forest City Ratner, a $9 billion plus New York Stock Exchange traded company is incapable of having up to $800 million in tax-exempt bonds issued upon their behalf, how is SFC Yonkers, Inc. still under the concept that they can raise the funds necessary to start Yonkers building itself from under a financial ruin? While Joe Apicella today advised me by telephone that he is secure that funds will be realized to underwrite the SFC Yonkers, Inc. development project, he said, “no guarantee can be given!”

With upwards of $200 million in deficit expected to burden the City of Yonkers for FY2009-2010, as reported in the Yonkers Tribune on September 19, 2008 in the article entitled Mayor Amicone’s $200 Million Financial “Cliff” Hanger By Hezi Aris, City Hall has yet to divulge the looming financial doom Yonkers Mayor Phil Amicone is too embarrassed to acknowledge. Even with cup in hand, will Albany be amenable to bail Yonkers out of its self-induced fiscal impropriety? Will the federal government? Their collective tills are empty. How many employed in Yonkers will lose their jobs because of poor planning and "wishful" thinking?

The SFC Yonkers, Inc. project is expected to receive Yonkers City Council approval. Yet there is no law on Yonkers books that stipulates that any development project, once having gained approval must begin the proposed development within a set parameter of time and be completed by a set parameter of time as defined by the proposed development for the actual construction of the project. Imagine a law that allows for a 1 year start-up time, followed by the expected time for the project, and then adding another year of grace for completion to permit the developer lenient parameters. Such a law is on the books in New York City. Is the fourth largest city in New York State not worthy of equal treatment and respect by a similar law? Why not? If we had such a law, the Ginsburg projects long on the books would not be mothballed into infinity. Similarly, Eric Kaiser's operations would have lost control of his development projects if we had such a law. The Yonkers City Council has not devised the necessary laws to protect Yonkersites from developers conducting their business to the tune of their own drummer and dismissing the Yonkers City Council upon obtaining approvals.

"In this credit climate, it's going to be very challenging," said Marc Ganis, a sports finance expert in Chicago, though he and others think Ratner will eventually succeed. "It's made lending far more challenging and far more expensive, at least in the sports industry."

Does Yonkers need another wake up call? Now let's play ball!

Comments

what do you expect from our councilmembers?

pat mcdow = is only concerned about affordable housing and jobs for minorities.

sandy annabi = is afraid of her own shadow

joan gronowski = the issues are way over her head.

liam mclaughlin = going with the the flow

murtagh = is looking for support and money for is campaigns.

barbato = needs to keep her job and her husbands job, since they are both political appointments by democrats who are closely tied to capelli.

lesnick is a LIAR

Yeah way over her head , right. That's why she's asking some of the more indepth questions and has probably actually read the FEIS.

I'm sure Gronowski would be the first to admit that she can't compete with high priced attorneys and slick developers - the latter having contributed heavily into certain campaign coffers. Certainly can't compete with the politically connected hangers on who are at the helm in this administrtion. Surely the entire city will be given away in a Land Disposition Agreement which will bring us nothing.

The council has proven onece again they are a bunch of hacks by voting for a proven looser!! SUE them all!! Were are the FEDs????

Amicone's arrogance blew it. He thought he could do the old "I'm Broke and it's the states' fault" dance with Albany.
He was and is dead wrong.

Patterson has told us all that the state is broke and we all will have to make cutbacks including the City of Hills.

Just like Bush will go down as the worst president ever, Amicone will go down as the worst Mayor E V E R.

speaking of promises...Sam Zherka promised
to apologize to the consultant if he was
wrong about the consultant's posting
on LO HUD with regard to the "albanian
kingpin post" It has now been established
that the consultant was not the author
of the post but simply asked the poster
to prove his allegation during the campaign
for mayor. Asking for proof of an allegation
is hardly the same as making it..
WHERE IS THE APOLOGY MR ZHERKA?

Gronowski has a bunch of high priced consultants (AKRF, Blackstone) and attorneys (Kevin Ryan, Mark Constantine, Christian DiPalermo) of her own working for City Council ...

But she is too scared/stupid to listen to them!

She's come a long way for a stupid scared person. She fought and won a first amendment lawsuit virtually single handedly -- so much for cowardice and stupidity. She voted against the budget and look at the mess that the administration admits we're in now- just months after that budget was passed. Who did you say was stupid?

Now that it's down to the wire, the opponents will come up with the kitchen sink attack. This is not a perfect project by anymeans but no project is nor can be.

The baseball franchise will be more successful in this market where there are more baseball fans and the transit to bring them right here. The Bridgeport location was problematic. And the stadium has many other uses besides baseball, and it's a green roof.
I would prefer soccer.

Gronowski votes no. Always no on anything that moves forward. It's that simple. She's a nice person, really nice.

Gronowski has 3 people from her district on the Green Policy Task Force, and they all protest in the street against SFC, and Joan is voting against SFC.

MCDOW: says she wants the project but has lots of add-ons that don't make financial sense. Eventually she’s probably a yes vote but will she worry about getting her constituents JOBS instead of subsidized housing?

MURTAGH: says he wants the project but isn't so wrapped up in the details (as in, he isn't shaking down the developers for special favors). He just wants it built because he believes it is good for Yonkers.

BARBATO: says she wants the project but wants to make sure her yes vote has sign off from the unions (politicking for her next campaign).

MCLAUGHLIN: says he wants the project but wants to process at his own pace (a.k.a., not allowing the mayor too many kudos). Just hope he has a project left when he's ready to vote.

ANNABI: doesn't say much. Blah blah blah about the negative impact on her constituents (you mean the unemployed ones who live in unsafe neighborhoods?!?! Get real! Her constituents are DESPERATE for this sort of project -- and her slumlord buddies would benefit too). Her "no" vote on completeness last week was an embarrassment.

GRONOWSKI: doesn't know much. Blah blah blah about needing more time to study. Joanie, just because you're new to City Hall doesn't mean the city can afford to wait until you get up to speed. This project was devised and developed long before you ran for office. Now that you're elected, you need to vote!

LESNICK: says too much. He's trying to shepherd the project so he can get credit for its approval. Instead, his miscues are just slowing things down and costing the city money. He'll vote yes if there are 4 other yes votes. But he can't get anyone on Council to do anything. Just get out of way Chuck!

Murtagh - wants progress, why wait?

Barbato - wants progress, not one more report please!

McLaughlin - wants progress, enough with splitting hairs, let's go.

McDow - wants progress and to blame/harness SFC for the problems of the past in Yonkers so she looks like a hero. Ugh.

Joan - wants to blame the city for it all, oh what ever it is, anything. It's no no no No-nowski.

Sandi - votes no to prove she can't be bought? None of the yes votes are "bought." She needn't worry.

Isn't Annabi's "No" vote proof that she IS BEING BOUGHT?!?!

Here is a project liked and supported across the board by the community.

How does she vote "NO" without looking like someone is paying her to vote that way?!?!

SFC's financing has dried up - no bank will fork up 1.6 billion in todays economy - yonkers made the right move to slow it down ..

amicone's development has
brought us nothing but
higher taxes, more spending
failing schools and corruption

MONEY MONEY MONEY ...MONEY..Its only tax payers!

2:17 you are right. I'm wrong. A no vote would be in the interest of a lot of people who may be willing to "buy" or "barter" it from anyone, and so it's hoped that's not the case.

Kind of like Sandi's dammed if she does and dammed if she doesn't.
I noticed that when Gronowski voted "yes" at first, Sandi Annabi quickly indicated to Gronowski that she (Gronowski)didn't understand what they were voting on, and that she (Gronowski)meant to vote no. Gronowski thought it was a vote to allow the rewording of an item. When she understood this was THE vote about the SFC project altogether, and not the rewording of a paragraph, she quickly said "NO"to SFC. What this means is that Sandy already knew that Gronowski was going to vote "no" and corrected her when she voted "yes." If Sandy didn't know how Gronowski planned to vote, she wouldn't have corrected her but would have accepted the "yes."
Why is Sandy close to Gronowski like this?

2:22 so who's making the moves, we'll get them out of office fast. We need progress, jobs, investment, solutions, not a bunch of hangers-on going no where.

Amiconi's superintendent Pierorazio has ruined the schools even with all the money they got. What a legacy he's leaving.

So, let me get this straight- people like you, Hezi, bitch, moan and carry on, encouraging the idiots on the council to obstruct and slow the development to a crawl, and then you and the other carping fools on this site have the unmitigated gall to oppose the project because the economy is now slowing down?

Well, maybe if you and the rest of the 'Yonkers last' crowd spent more time helping and less time complaining this thing would be half built already, instead of in danger of failing.

Enjoy the big, empty PARKING LOT you've all worked so to preserve, folks. God knows, you all really deserve it.

Since the mayor wont be getting any bailout from Albany, just what exactly is he doing NOW to reign in expenses? How about cutting the police overtime, taking money from the BOE, eliminating all take home cars. Do it now and maybe that cliff hes talking about going over next year can be more of a hill instead.

The mayor says we are going over a cliff next year. The state will not be bailing out Yonkers. So what exactly is the mayor doing now to save money, like cutting police overtime in half, taking money away ffrom the BOE, eliminating take home cars. These are things that could be done now to start saving money, and keeping the debt to a more manageable level.

If Yonkers is "Going Over The Cliff" please make sure that the un-used YFD Costly Special Operations Rigs are sent to help to prevent Yonkers from jumping over the cliff (That would be the only time that "Fitzy's Fleet of Toys would be used)