Remember how the Yanks are paying for their new stadium without public funding?
Notice Of Public Hearing
SUBJECT: The request for increased public financing for construction of a new Yankee Stadium in New York City.
PURPOSE: This hearing will examine the recent requests by the New York Yankees for additional funding in the form of tax-exempt bonds from the New York City Industrial Development Agency (NYC IDA), a subsidiary of the New York City Economic Development Corporation (NYC EDC), for construction of a new Yankee Stadium in New York City.
NEW YORK CITY
Wednesday, July 2, 2008, 10:00 am
Assembly Hearing Room, Room 1923, 19th Floor
New York, New York
ORAL TESTIMONY WILL BE BY INVITATION ONLY
The NYC IDA is the financing branch of the NYC EDC that provides assistance to businesses and companies operating in the five boroughs of New York City through tax-exempt bond financing. In 2006, the NYC IDA approved the issuance of $920 million in tax-exempt bonds to the New York Yankees for the construction of a new Yankee Stadium in the borough of the Bronx. The issuance of these bonds was made possible when the Internal Revenue Service (IRS) waived regulations which prohibit the use of public financing for sports facilities. Shortly after the waiver was granted, the IRS instituted stricter enforcement of its regulations prohibiting such use of tax-exempt bonds.
Reports in the news media have indicated that the New York Yankees are seeking an additional $350 million in tax-exempt bonds from the NYC IDA to complete construction of the stadium despite IRS regulations prohibiting such use of public financing, and efforts are underway to have a waiver granted once again so that the sports team can acquire the funding. This hearing will allow the Committees to obtain information on the status of the financing plans for the construction of the Stadium, and to investigate the requests for additional funding.
Assemblyman Richard L. Brodsky Chair. Committee on Corporations, Authorities, and Commissions
Assemblyman Sam Hoyt Chair, Committee on Local Governments
Assemblyman James F. Brennan Chair, Committee on Cities
Assemblyman Herman D. Farrell, Jr. Chair, Committee on Ways and Means
Also, don’t hold your breath if you’re waiting for the parks meant to replace the land requisitioned for the new stadium, one of which will be located on top of a parking garage. It’s hard to imagine a more perverted idea than a park on top of a garage. Way to go Yankees!