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June 13, 2008
No more stadium tax breaks, pols howl
NY Daily News
By Adam Lisberg
At least somebody remembers that tax breaks and subsidies are supposed to go for people, programs and projects that really need them:
The Yankees, Mets and Nets can complete their new stadiums without more tax-free bonds, officials say - but the city and state are still pushing the IRS to reopen a loophole so they can get them anyway.
"It's a useful tool for economic development," said Seth Pinsky, president of the city Economic Development Corp. "We're constantly having projects brought to us that have a financing gap, and this could be a useful mechanism."
Critics, though, said the city and state economic development corporations have no business lobbying for stadium tax breaks while schools, hospitals and subways are starved for cash.
"We can't fund the MTA capital plan, and yet sports facilities seem to be able to get to the top of the list," said Assemblyman Richard Brodsky (D-Westchester). "Is this the best use of publicly supported debt?"
Local teams plus City and State officials are going to the mat for more tax breaks even though Yankees and Nets execs insist that they'll build without more tax-free bonds??? [Seriously, WTF?]
A spokesman for Forest City Ratner, which is building the Nets' Brooklyn arena, said Ratner would break ground on the $950 million arena later this year even without tax-exempt bonds.
The Mets declined to comment.
There's some big news that made it into the end of the article. Forest City CEO Chuck Ratner said back in April 2008 that the company would be looking for more subsidies for Atlantic Yards. Now City officials are listening:
Meanwhile, the city's deputy mayor for economic development said at the Crain's business breakfast that the city would consider giving more subsidies for Forest City Ratner's Atlantic Yards plan.
"We're open-minded, and we'll listen," Deputy Mayor Robert Lieber said.
Posted by lumi at June 13, 2008 5:02 AM