Hearing Set On Public Funding Of Yankee Stadium
Posted on Monday, 12 of January , 2009 at 2:56 pm
NEW YORK – Chairman James Brennan (D-Brooklyn) of the Assembly Committee on Cities, and Chairman Richard Brodsky (D-Westchester) of the Assembly Corporations, Authorities and Commissions Committee have announced that their committees would convene a hearing this week to inquire into circumstances surrounding the provision of close to $2 billion in taxpayer money for construction of the new Yankee Stadium with particular focus on the city’s attempt to add over $400 million in such assistance.
The hearing is being called for Wednesday, Jan. 14 in the face of the refusal by the city to postpone a final decision until a full understanding of the law and the facts could be brought forward.
“The city’s attempt to ram through this complicated project without disclosure of its implications is not acceptable as the Legislature considers what changes in State law it ought to be making,” said Brodsky. “The hearing will provide info necessary for the Legislative process.”
“I’m concerned about the consequences of diverting property tax revenue to repay these bonds for such a lengthy period of time for the benefit of a wealthy company,” Brennan said.
In 2006 the New York Yankees were given about $1.5 billion in tax benefits and public funds for the building of a new Yankee Stadium. Over $500 million was direct cash and tax relief. The additional $950 million came in the form of low-interest bonds whose principal and interest were repaid with tax dollars, as the city freely admitted in sworn filings with the IRS: “The city has determined to use its property taxes (in this case PILOTs) to finance the construction and operation…of the Stadium.”
The Yankees are now seeking, with the support of the Bloomberg Administration, an additional $430.9 million. The largest single use of the money seems to be for a new television, video-audio system at the stadium. Other notable uses include monies to replace concrete ramps with granite ones, to cover legal and financial fees, and to pay for a museum and conference center, Yankee administrative offices, concessions, and suite upgrades. 1-12-09
Category: Government, New York State, Politics, Recreation, Sports, Taxes
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