GlobeSt.com: Some opponents have questioned the financing of the stadium, labeling it a fiscal nightmare. How do you respond?

Cross: You're not putting public money into a stadium, you're putting public money into infrastructure. There's a hole over there. It's been a rail yard for more than 100 years, and it is an impediment to the city's development. That's the essence of the public money use. For years we've said we would pay for an open-air stadium if we can get a site in New York City. The West Side projects—the expansion of the Javits Center and the Number Seven subway as well as the New York Sports and Convention Center--are not mutually dependent on each other. They are not one big $5-billion financing scheme, as people like to characterize it. They are their own entity. We are our own entity. In terms of funding, $300 million comes from the state, $300 million from the city and $800 million or whatever it takes to complete the project will come from the Jets.

GlobeSt.com: How is the deal being structured?

Cross: The transaction is being led by the Empire State Development Corp. We've been working with them to put together a series of leases--a lease from the MTA to the development corporation, which has a lease mechanism with the city and the Jets. We undertake responsibility for developing the entire facility--including the deck over the yards--and the city, for its part, puts its $300 million in and obtains a real estate interest in the transaction.