October 31, 2007
The NY Sun Editorial
One point that we haven't yet seen made is that the Red Sox made their way to their second World Series victory in four years while playing in a ballpark that is 95 years old. The owners of the team considered building a new field, but even the sports-crazed taxpayers of the People's Republic of Massachusetts balked at the subsidies. So the owners decided to invest their actual own money in improving the old ballpark in the fen. They managed to make more space in the park for revenue-producing activities by moving some back-office employees to commercial office space nearby.
The owner of the Knicks, Madison Square Garden, enjoy a property tax exemption for its arena, while Atlantic Yards and its developer, who will bring the Nets to play basketball in Brooklyn, will receive at least $300 million in city and state subsidies.
NoLandGrab: The $300-million figure (rounded down from $305 million) represents the direct cash contribution additional subsidies for affordable housing, extraordinary infrastructure, triple-tax-free bonds, etc. could end up in the billions. Develop Don't Destroy Brooklyn has the number for known direct and indirect subsidies pegged around $1.9 billion (PDF), but there are still the known unknowns that have not yet been accounted for.
Posted by lumi at October 31, 2007 8:07 AM