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June 13, 2008
Relief for wealthy teamowners?
The best quote from yesterday's coverage of local teamowners who are seeking even more tax-free bond financing for their new sports venues came from Janel Patterson of the NYC Economic Development Corp.:
"The city is working with the state in Washington to seek relief from the applicable IRS regulation."
The era when cities openly shelled out for new stadiums and arenas is over, so politicians and owners are now trying to go through the back door.
But the IRS put an end to the scheme, so now team owners are seeking "relief" as if they were victims of some natural disaster, making Steinbrenner, the Wilpons and Ratner just about NYC's whiniest corporate-welfare queens.
Posted by lumi at June 13, 2008 3:37 AM