Taxpayer Cost of Yanks’ Bond Demands: $82.9 Million (Village Voice news blog)

…and still more, including new figures for the amount of public subsidy the Yanks would be getting. (And if you’re worried about the technical details being too dry, note that I’m now officially “someone who can write about [stadium finance] without making any eyes bleed.”)

The taxpayer cost of the Yankees’ latest request for city bonds went up on Friday, as the city Independent Budget Office released a more detailed analysis of just how much tax revenue will be lost if the Family Steinbrenner is allowed to use tax-exempt bonds to finance an additional $350 million in construction costs. The total public price tag, according to IBO deputy director George Sweeting: $82.9 million, with $3.6 million coming from city coffers, $6.7 million from Albany, and the remaining $72.6 million from the feds. As for the Yanks, according to Sweeting, they’d pocket $61.9 million in savings. (Apparently the tax-exempt bond racket requires cutting bondholders in on a sizable piece of the action.)… [read more]

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