IDA approves more tax-free bonds for YanksBy
Despite contentious hearings, a strident Times editorial, and opposition from numerous advocates and officials, the New York City Industrial Development Agency has approved another $370 million in tax-free bonds for the Yankee Stadium construction project.
The agency voted 11-1 in favor of the bonds with Comptroller William C. Thompson’s representative voting against the issuance and the Queens rep abstaining. Neil de Mause estimates the total subsidy for the Yankee Stadium and CitiField construction projects at $1.8 billion. One can make convincing arguments for against public support of the initial costs of construction, but by now, I have to believe that the teams should be taxes for more bond requests. Either way, the bond issue is pretty much closed. Problems surrounding land valuation and missing green spaces and parks in the Bronx remain.
For Mike’s chat, click here. He’s still going. I wanted to get this breaking news up on site.