Thread: News Article: MSG gets 10 year permit
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07-26-2013, 12:48 PM
  #89
Flavius
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Location: H.A.M. City
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Quote:
Originally Posted by Crease View Post
Not yet. Starting in two weeks.
Good luck! Make sure you make time for the 'Gers, and learn 2-207 as early as possible



Quote:
Originally Posted by Crease View Post
Actually it is private property. MSG Inc owns the air and development rights. Amtrack owns everything at and below ground. The lease is really a land-use permit that allows MSG Inc to operate an 18,000+ seat arena because city zoning laws impose a 2,500 seat limit in the area. The city can reject the permit application when the land-use permit is up for renewal, but MSG Inc is still entitled to do whatever they want with the above-ground space. Dolan can replace the arena with a lemonade stand if he wants. The city can take back the land by invoking eminent domain but they have to compensate MSG Inc for it. Fair market value. And that is a whole heckuva lot of money. Even moreso now due its shiny new coat of paint. Probably why Dolan imposed a 2008 deadline on the Moynihan Station decision. Wanted to get the renovation done before the permit expired and maximize land value.
Tip o' the cap to you. Didn't know about that odd lease agreement. Do you know any of the policy behind it when it was made (i'm assuming back in the 60's) and why they did it? Do the other sports stadiums around the city have the same agreements?

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