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July 3, 2008
Lawmakers Debate Public Funding Of New Stadiums' Construction
NY1
The plan to use public money to help build the Bronx’s new Yankee Stadium and the Mets' new CitiField in Queens came under fire at a state Assembly hearing in Downtown Manhattan Wednesday.
The city's Economic Development Corporation wants to use hundreds of millions of city-issued tax-exempt bonds to help finance the projects, but some lawmakers object to such use of the public purse.
...Two years ago, the city issued $920 million in tax-exempt bonds for Yankee Stadium and more than $500 million in tax-free loans to the Mets.
But now, the Bronx Bombers want as much as $360 million dollars more –- preferably through more city-issued tax-free bonds.
City officials defended the practice.
...But while supporters originally touted 1,000 new jobs would be created by the new stadium, the Yankees disclosed in this document that only 15 new permanent jobs would be created.
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Posted by eric at July 3, 2008 9:56 PM