Remember this next time Bloomberg makes the excuse that the city doesn't have enough money to provide basic services to us or has to cut back on them:
The Yankees and hundreds of their VIPs will get free valet parking for the next 40 years, courtesy of New York taxpayers.
Taxpayers will fund Yankees' VIP parking, NYC gets less money
The startling revelation of yet another subsidy for the richest team in baseball is buried deep in the fine print of a $237 million tax-exempt bond offering that city officials quietly issued the week before Christmas.
That new Yankee Stadium parking spot will cost double soon
The documents say a $70 million state subsidy for parking improvements for the new Yankee Stadium (slated to open next year) has been earmarked for a new 660-car valet parking garage where virtually all the spaces will be reserved for the free, year-round use of the Yankees and their VIPs.
Yankee fans can expect to pay a whopping $29 for stadium parking during home games starting in 2010 - more than twice last year's $14 rate.
The projected hikes were revealed in the fine print of a $237 million Wall Street bond offering that the city Industrial Development Agency issued two weeks ago to finance the creation and refurbishing of nearly 9,000 parking spaces for the new stadium.
The basic game-day parking rates will jump to $17 this year, then to $19 next year, when the new $1 billion Yankee Stadium is slated to open.
The rates would then zoom to $29 in 2010 and would increase to $35 by 2014, according to a parking feasibility study that accompanies the bond documents.