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Lawmaker questions Yanks, Mets stadium funding

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A state assemblyman investigating the financing for the Mets and Yankees new ballparks wants to postpone a vote on additional public bonds for the projects. Assemblyman Richard Brodsky released a letter Friday requesting the city Industrial Development Agency to delay the Jan. 16 vote. The teams are asking the city for $450 million more in public bonds to pay for their new parks. The IDA has scheduled a Jan. 15 hearing to discuss the requests. IDA spokeswoman Janel Patterson said the agency had followed the public process and would vote as scheduled. The Yankees are asking for another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of the $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion stadium. The Mets want another $83 million, in addition to the $615 million already approved for their $800 million park. Brodsky has said the first round of public support for the ballparks was granted without sufficient public input, and wants the city to provide more documentation about the process before any vote takes place for more bonds.

New York Newsday

New Yankee Stadium, Chris McGrath/Getty Images New Yankee Stadium, Chris McGrath/Getty Images
January 3, 2009  08:19 AM ET

A lawmaker questions funding???? C'mon we all know what the lawmakers do, now don't we?

January 3, 2009  08:51 AM ET

Somebody should speak up...they are asking for even MORE money but go out and sign Sabathia and Teixeira to these ridiculous contracts but need to be bailed out to build their stadiums? Nonsense.

January 3, 2009  09:22 AM ET
QUOTE(#2):

Somebody should speak up...they are asking for even MORE money but go out and sign Sabathia and Teixeira to these ridiculous contracts but need to be bailed out to build their stadiums? Nonsense.

It's not nonsense- it is BUSINESS

if the Yanks can get funding why shouldn't they ATTEMPT to
get the funding ? What are they doing that is so awuful ?
if the city did not want them there, they simply could say NO
The Yanks generate ALOT of revenue for the city and employ
ALOT of people in and around the stadium.
And it's not like they're getting the money for FREE

January 3, 2009  09:34 AM ET
QUOTE(#2):

Somebody should speak up...they are asking for even MORE money but go out and sign Sabathia and Teixeira to these ridiculous contracts but need to be bailed out to build their stadiums? Nonsense.

Yeah, irresponsible spending. The yanks apparently have deep pockets when it comes to free agents, maybe they should have used that money to fund their new park. Just think, if they didn't make those signings they wouldn't have to worry about asking for a bailout.

January 3, 2009  09:48 AM ET
QUOTE(#4):

Just think, if they didn't make those signings they wouldn't have to worry about asking for a bailout.

lol....totally not true-

they're not getting 'bailed out' first of all-
secondly- ah- forget it...not worth trying to explain.........

January 3, 2009  10:25 AM ET

Ah yes, the two loaves of bread hit the ground as the arms extend.

January 3, 2009  11:17 AM ET

I believe it is OUT freakin' RAGEOUS that the Yanks and Mets are asking for more public support for their respective Taj Mahal's. The FACT is that the IRS has ruled that the use of tax exempt bonds to fund PRIVATELY owned stadiums is NOT LEGAL, however they of course exempted the Yanks and Mets "because they were already being built." This is a NATIONAL taxpayer subsidy of a NEW YORK project. If they had to sell taxable bonds like every other team, maybe the Yankees and Mets could not afford to sign $100 million plus contracts with every player they desired. And will someone please explain to me when baseball became an "industry?"

January 3, 2009  11:52 AM ET
QUOTE(#5):

lol....totally not true-they're not getting 'bailed out' first of all- secondly- ah- forget it...not worth trying to explain.........

I hear you... no way to explain it.

January 3, 2009  12:02 PM ET
QUOTE(#5):

lol....totally not true-they're not getting 'bailed out' first of all- secondly- ah- forget it...not worth trying to explain.........

If this flys what's next acquiring free-agents on margin? Sounds like a banking fiasco in the works, however JGB is correct in the fact that it IS legal...........

January 3, 2009  01:02 PM ET
QUOTE(#2):

Somebody should speak up...they are asking for even MORE money but go out and sign Sabathia and Teixeira to these ridiculous contracts but need to be bailed out to build their stadiums? Nonsense.

i couldnt agree more. they asked for more public funds, then went on fa spending sprees and now plead poverty again. what the ^#$@ is going on.

January 3, 2009  02:55 PM ET

Government & corporation team up to steal money from taxpayers. A real shocker.

January 3, 2009  03:25 PM ET
QUOTE(#9):

If this flys what's next acquiring free-agents on margin? Sounds like a banking fiasco in the works

But acquiring players goes through MLB-
they are a 'baseball' governing body

What baseball team has lost $$ ?

There is no excuse in baseball why ANY team can't put a
decent product on the field - OTHER than PURE GREED
from the owners--> meaning they don't want to PAY to put
a good product on the field...PERIOD

if you put a GOOD team on the field- fans WILL come
if you put an AWFUL team, year after year on the field.....
people WILL NOT WASTE their time
KC, Pitt, nats, I'm talking to YOU

January 3, 2009  04:22 PM ET

But, but, but, but....its the Yankees. You can't say "no" to them. They hurt people.

January 3, 2009  05:13 PM ET

I dislike the Yankees as much as anyone however, I read that they contributed
almost $100 million towards revenue sharing this past season.
What are the Pirates, Royals, Marlins, Padres, etc. doing with the free money they received??

January 3, 2009  06:01 PM ET
QUOTE(#14):

I dislike the Yankees as much as anyone however, I read that they contributedalmost $100 million towards revenue sharing this past season.What are the Pirates, Royals, Marlins, Padres, etc. doing with the free money they received??

They're not buying bricks for the new Yankee Stadium, that's for sure.

January 3, 2009  07:44 PM ET

there are 2 simple points to be made about this discussion. First is how they aquired the tax exempt bonds.They used the Mayors office to force the firm that did the property assesment to make the assesment more then the property was actually worth (fraud). now they are asking for more money which at this point the people of New Yoek should be fumming. Secondly the Teams that are seeing money from revenue sharing don't get enough money to even the playing field. They may get 10 to 20 million if they are lucky and there is no player that they can sign which will bring in a crowd for 10 to 15 million dollars. lets face it texiera just signed for more than that a year. the bottom line is revenue sharing doesn't do squat. and the Yankees are just as bad as most politicians.

January 3, 2009  08:45 PM ET
QUOTE(#14):

I dislike the Yankees as much as anyone however, I read that they contributedalmost $100 million towards revenue sharing this past season.What are the Pirates, Royals, Marlins, Padres, etc. doing with the free money they received??

With that whopping 3.5 million that revenue sharing probably got them? Signing a bench player for two years.

Everyone looks at the big number of 100 million or whatever it was, ignoring the fact that that money is divided up between the other 28 teams(Yankees and Tigers had to pay this year) that didn't pay revenue sharing.

January 3, 2009  10:35 PM ET

I don't understand why - one team has used some of your money and spent 400 mil. plus on players and the other is just waiting in the wings to do the same !!!

January 4, 2009  01:27 AM ET

I love it, the banks get $700 Billion in bailout money, but not one single person has been helped to avoid foreclosure on their home. The bankers take no pay cuts, they still get their bonuses, just AWESOME!!! MLB teams need stadiums built, no problem, they just go to the taxpayers, just AWESOME.

 
January 4, 2009  02:22 AM ET

You just don't let a half billion dollars worth of players play in a old stadium...you have to give them the best and it is only right that the taxpayers of New York pay for this stadium. The same with the Mets...they have given so much joy and happiness to the city and its the least the fans could do for them. The name rights should go to Citi Bank. Who else is going to pay that much for the rights, Bear Stearns? AIG? Lehman Brothers? They probably could with the money they got but this is america and anything goes because their is someone always there to bailout the big guys. They make the laws and who is going to stop them? The Voters?

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