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Results tagged “taxfreebonds”
City Approves More Funding for New Yankee, Mets Stadiums

City Approves More Funding for New Yankee, Mets Stadiums

The city's Industrial Development Agency has approved to funnel more tax-exempt bonds to the Yankees and Mets. The AP gives the rundown on the numbers, "The Yankees were granted another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.5 billion new Yankee Stadium in the Bronx. The Mets got an additional $83 million, after the $615 million already approved for $800 million Citi Field." Critics of the funding have accused the Yankees and Mets of using the government as a cookie jar, but the Yankees said they needed more money because of rising construction costs. So, when you walk into the new Yankee Stadium or CitiField, feel like an owner—because you partially do! more ›

New Sports Venues and the "Government Cookie Jar"

New Sports Venues and the "Government Cookie Jar"

  • Another from Brodsky: "What's at stake here is a much bigger issue than whether you like or dislike the Yankee Stadium deal. Stadiums soaking a lot of the tax-exempt financing, and we can't fund the capital plan of the MTA and we're short capital money on schools and hospitals."The NY Times looks at how NYC's two baseball teams and the Nets have benefited from tax-free bonds and how the state and city are lobbying DC to make sure those projects do get benefits--for instance, the Yankees have received $900+ million in tax-free bonds, $200 million in subsidies, and new parking garages, parkland and more built by the city for $300+ million. more ›

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