Assemblyman Brodsky to Testify at Today's NYCIDA Public Hearing on Additional $430 Million in Public Financing for Yankee Stadium
New York, NY -- Assemblyman Richard Brodsky (D-Westchester) will testify at this morning's New York City Industrial Development Agency public hearing prior to tomorrow's 9:00 a.m. NYCIDA Board vote on an additional $430 million in public financing for the new Yankee Stadium. Today's public hearing begins at 10 a.m. and is being held at the NYCIDA offices in New York City at 110 William Street, 4th Floor.
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.
It should be noted that $123 million of the actual cash proceeds of the bonds will be paid directly to the Yankees as repayment for money they have already "advanced" to the project, apparently always anticipating the additional taxpayer monies would eventually be received.