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June 13, 2008

Brodsky to hold hearing on bonds for Nets arena and two stadiums

Atlantic Yards Report has the breaking news that the New York State Assembly plans to hold hearings on the issuance of public debt for the new Mets and Yankees stadiums and, most crucially, the planned arena for the Nets.

Assemblyman Richard Brodsky (D-Westchester), Chairman of the NYS Assembly Committee on Corporations, Authorities & Commissions, and Assemblyman Sam Hoyt (D-Buffalo), Chairman of the NYS Assembly Committee on Local Governments, have today invited the New York City Industrial Development Authority (NYCIDA) to testify [before] a Public Hearing to be scheduled on either June 30, July 1 or July 2 in New York City. Final date and location will be announced shortly.

The Hearing will examine the NYCIDA’s practices and procedures for issuance of public debt with respect to sports facilities for the Yankees, Mets and Nets. The Committees have been investigating the facts and actions of the issuance of public debt by state-created entities that operate in secret and without the control of elected officials. Legislation to reform such practices is being considered by the committees.

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Posted by eric at June 13, 2008 3:57 PM