Bronx Parking Development Co. LLC, which operates the financially troubled parking garages near New York’s Yankee Stadium, withdrew $2.3 million from its debt service reserve fund to make a bond payment due Oct. 1, according to a statement from trustee US Bank NA.
The overall payment, made Oct. 3, was $6.9 million. Other sources for the payment were the interest account, $4.3 million, and earnings on the guaranteed investment contract, $260,000.
As of Oct. 3, according to US Bank, the advance revenues account held under the indenture is $95,970 and the current revenues account is $894,659.
The latter amount, according to US Bank, remains on deposit in the current revenues account after payment of the Oct. 1 debt service because Bronx Parking Development deposited after deadline, and so the funds were not available when it made the draw.
The New York City Industrial Development Agency issued $237.6 million of unrated Series 2007 civic facility revenue bonds on behalf of Bronx Parking in conjunction with the construction of the new Yankee Stadium, which opened in 2009 across the street from its demolished predecessor.
Revenue at facilities run by Bronx Parking has underperformed, leading to several debt-service reserve fund withdrawals and concerns about an ultimate payment default.
Improved public transportation and high prices at the garage — $35 to self-park at regular-season games, $45 for the recent American League playoffs — have resulted in many unused spaces.
Last month, the Bronx Overall Economic Development Corp. invited developers to submit proposals for a hotel and convention center complex on the site of one of the garages.