GlobeSt.com: Some opponents have questioned thefinancing of the stadium, labeling it a fiscal nightmare. How doyou respond?
Cross: You're not putting public money into astadium, you're putting public money into infrastructure. There's ahole over there. It's been a rail yard for more than 100 years, andit is an impediment to the city's development. That's the essenceof the public money use. For years we've said we would pay for anopen-air stadium if we can get a site in New York City. The WestSide projects—the expansion of the Javits Center and the NumberSeven subway as well as the New York Sports and ConventionCenter--are not mutually dependent on each other. They are not onebig $5-billion financing scheme, as people like to characterize it.They are their own entity. We are our own entity. In terms offunding, $300 million comes from the state, $300 million from thecity and $800 million or whatever it takes to complete the projectwill come from the Jets.
GlobeSt.com: How is the deal being structured?
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
