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January 31, 2008

Council takes a shot at MSG

MetroNY
By Patrick Arden

The City Council unanimously passed a resolution yesterday calling on the state Legislature to end the biggest, longest tax break in New York history. Since 1982, MSG has been exempted from nearly $300 million in property taxes. Now owned by the corporate behemoth Cablevision, MSG will get a 2008 break worth $11.3 million.
...
MSG has justified its open-ended exemption by citing recent subsidies the city has provided to new stadiums for the Yankees, the Mets and the Nets. The Yankees, for example, are receiving almost $700 million in public support.

But the Independent Budget Office has pointed out that MSG’s break is much greater than similar tax subsidies granted to the Nets ($140 million) and the Yankees ($162 million). At a hearing of the Council’s Finance Committee this month, IBO senior economist Theresa Devine repeated the “consensus” view that “subsidies for sports facilities are not an effective use of scarce public resources.”

But don't worry, the City Council isn't pulling the plug forever; Council Speaker Christine Quinn added that the corporate welfare could return if and when MSG was ready to rehab the current arena or build a new one.

article

NoLandGrab: When will politicians get it through their thick heads that spending money on sports venues that NEVER deliver on their promises to the public is a waste of taxpayer money?

Posted by lumi at January 31, 2008 4:18 AM