Yankees to City: What’s Another $350M Between Friends? (Village Voice news blog)

With the cost of the New York Yankees’s new stadium project running close to $2 billion, the team has asked the city for another $350 million in city-backed tax-exempt bonds to help raise money for the project. I break down the numbers for the Village Voice, and also examine whether the whole thing might be illegal:

Next time you’re tempted to conclude that New York’s state legislature is entirely useless, remember this: State Assemblymember Richard Brodsky broke the news on Tuesday that the Yankees are looking to get an additional $350 million in city tax-exempt bonds for their new stadium, currently under construction in the Bronx.

“The explosion of public debt issued by obscure semi-public and private institutions is reaching unmanageable proportions,” declared Brodsky, chair of the committee overseeing public authorities. “The Yankee Stadium financing may or may not be a good thing, but it certainly should be done in the light of day.”

In the interest of daylight, then: The $350 million the Yanks are seeking would be on top of the $940 million in city bonds the team already got in 2006… [read more]

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