Friday, January 16, 2009

Yankees, Mets get more bonds for parks

(AP) - The New York Yankees and Mets have won their fight for more funding to help with their new stadium projects.

On Friday, the city's Industrial Development Agency approved new public bond requests for the teams, which were already given hundreds of millions in tax-exempt bonds in 2006. The vote followed two contentious hearings this week.

The teams sought additional help as costs increased on the new ballparks, which are expected to be completed this year. Opponents say the original deals were unfair to taxpayers.

The Yankees asked for another $259 million in tax-exempt bonds and $111 million in taxable bonds. That is on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion Bronx stadium.

The Mets wanted an additional $83 million, after the $615 million already approved for their $800 million Queens park.

9 comments:

Anonymous said...

Un fucking real! And the hits just keep on coming!!!!

Maspethian said...

Thank God. I was worried about these billionaires who pay out hundreds of millions of dollars to spoiled brat athletes and use my tax money to build stadiums whose seats I cant afford to buy. I can sleep better now that I know those luxury box seats will be properly cushioned.

Anonymous said...

you guys do know what a BOND, is right?

yeah, sure you do

ew-3 said...

do you understand the term "tax-free" bonds? And it's implications?

Anonymous said...

It's a shame that more elected officials did not stand up on this and let it go through. Brodsky and Bill Thompson were the only two to go up against the Yankees. Thompson saw the light when the projected costs got wildly out of control. But the Bloombucks crew and Randy Levine did everything in their power to railroad this through. Taxpayers are in for a shock.

LibertyBoyNYC said...

The taxes on the bond gains [the "lost" revenue that the harpies are wailing about] are such a miniscule portion of the incoming tax revenue directly attributable to the project[s] that the argument against is completely absurd. We're talking percentage points on the interest gained.

I'm glad that Brodsky got an ass-whipping because he deserved it. So do the rest of you. Because you don't know what a bond is.

To sum up, you ignorant people don't know what a bond is. The Yankees STILL would not have had to pay the taxes that are in discussion. The bondholders would have had to pay it, the bondholders being wealthy, private citizens who rightly see the new stadiums as secure investments that will return their money with interest. The Yanks/Mets just might have had to scramble for different methods to receive bond money, making it difficult and/or untimely, but it would have been a fleck of dirt in their eye.

I have no sympathy for the ignorant.

Anonymous said...

When the parks are empty because both teams will suck like they did circa 1990 with a fan base that is employed like circa 1977, we'll see who has the last laugh.

Maspethian said...

you guys do know what a BOND, is right?

yeah, sure you do"

"Because you don't know what a bond is.

To sum up, you ignorant people don't know what a bond is."

Wow, @ cum laude's from the Bloomberg mantra school. Guess its too difficult to explain why a billion dollar corporation doesnt desserve 10's of millions in tax breaks.

Anonymous said...

Looks like some enlightened soul is just bursting at the seams to explain to us Archie Bunkers what a bond is....