Hold on, everyone dreaming of an NYC FC soccer stadium in the Bronx! Incoming mayor Bill de Blasio has something to say about letting Sheik Mansour Bin Zayed Al Nahyan build a home for new team NYC FC that would be rent-free for 38 years.
On Tuesday night, details of the plan were revealed, showing the 10-acre plot in the South Bronx covers three parking lots by Yankee Stadium. De Blasio spokeswoman Lis Smith tells the NY Times, "We have real concerns about investing scarce public resources and forgoing revenue to support the creation of an arena for a team co-owned by one of the world’s wealthiest individuals, and will review any plan with that in mind." Indeed—Mansour's personal wealth is estimated in the tens of billions, with access to, oh, over a trillion dollars.
According to the Times, NYC FC wants the city to "issue $250 million to $300 million in tax-exempt bonds. The team would be responsible for paying off the debt, but the bonds would save the team millions of dollars in federal and state taxes over 38 years. In addition, the deal would include sales tax and mortgage recording tax exemptions worth an estimated $21.5 million." Good luck getting that past the mayor who is trying to tax the rich for universal pre-K!
Keep in mind, the Yankees got hundreds of millions in tax-exempt bonds when they built their new stadium. The Yankees have claimed that without the generous tax breaks, they would have left the Bronx.