THE BRONX - The Bronx Parking Development Company has defaulted on its loans after financial issues plunged it $237 million into debt. The garages near Yankee Stadium were originally paid for with more than $100 million in taxpayer monies, as well as state and city funds. However, the company that runs the facilities has been unable to pay back its bonds because the garages have not been operating at full capacity. During the regular season, records show that the garages, with more than 9,000 parking spaces, are only being used 43 percent of time. Officials say that many fans are taking the subway or Metro-North to the game, instead of paying $45 to park in the garages.
Mayor Michael Bloomberg admitted this week that garages are not doing as well as the city had hoped. The Bronx Overall Economic Development Corporation has yet to comment.