The debt-ridden parking facility that could be replaced by a Major League Soccer stadium is actually the city's own doing. As part of the Yankee Stadium deal in the mid-2000s, the Economic Development Corporation created the nonprofit Bronx Parking Development Co. But the garages have sat largely empty, and Bronx Parking is now swimming in debt. Board members of nonprofit want to restructure the garages' debt, but bondholders (a collection of financial firms) want to wait to sell a property as part of a stadium deal because they are first in line for profits. The city, on the other hand, could get nothing. [Crain's; previously]
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