So Either . . .

. . . this is the most important use of city money, and far, far outweighs incurring potential multi-gazillion-dollar deficits or the mayor is totally full of shit and there is not and will not be a crippling financial crisis (in which case, take a third term off the table!). Because it can’t be both:

The city has gobbled up another chunk of Willets Point in Queens as Mayor Bloomberg pushes his plan to transform the gritty industrial zone near Shea Stadium.

In the biggest land deal to date in the neighborhood, the city persuaded Indian food distributor House of Spices — the second-largest landowner at Willets Point — to sell its 4 acres, city officials told the Daily News.

The deal is expected to be announced Monday along with an agreement for a third of an acre owned by another company.

Combined with previously inked deals, the city now controls more than 40% of the 62-acre tangle of auto body shops and other businesses — and could soon have half the land.

Bloomberg wants to spend $3 billion to turn the area into a glitzy enclave of 5,500 residences, stores, a hotel and a convention center.

Location Scout: Iron Triangle.