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July 3, 2008

At Assembly hearing, Brodsky questions Yankees’ deal; more AY subsidies hinted

Atlantic Yards Report

At a joint hearing yesterday of several state Assembly committees regarding tax-exempt bond financing for the New York Yankees, New York City Economic Development Corporation President Seth Pinsky faced forceful scrutiny from Westchester Assemblyman Richard Brodsky, a vocal foe of “Soviet-style bureaucracies,” his term for the unelected city and state authorities and agencies that have steered such deals.

NYSAHearingYanksBonds.jpg

Though Brodsky said he still hadn’t made up his mind about the legitimacy of the Yankees’ request for additional tax-exempt bonds—under what the Internal Revenue Service describes as a “loophole”--he did offer this statement at the end of the three-hour hearing: “I dislike public benefits for private parties when the public at large is being starved in so many ways.” And if that’s a description of sports facility finance, he added, “so be it.”

The Atlantic Yards arena and the New York Mets stadium both were discussed only glancingly, but yes, there were hints of the additional subsidy request Forest City Ratner is expected to make.

Read the rest of the article to learn more about parallels to Atlantic Yards and how the Public Authorities Control Board approval of the financing of Atlantic Yards "occurred after a regulation was on the table that would effectively shut out tax-exempt financing for the arena."

ADDITIONAL COVERAGE:
amNY, Mets join Yanks in seeking tax-free funds for stadium
MetroNY, Fans forgotten part of Yanks’ new park
The NY Sun, Yankee Stadium Bonds Request Defended as Good for the Bronx

Posted by lumi at July 3, 2008 4:29 AM