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January 13, 2009
9th inning for Yanks, Mets handouts
MetroNY
Neil deMause explains how much a second Yankee Stadium triple-tax-free bond "handout" is going to cost federal taxpayers, if approved, and why the richest team in pro sports really, really needs the money.
Is the city giving the Yankees $259 million? No. It’s in essence extending a $259 million low-cost loan, with the cost of the discount being covered by taxpayers. Cost to the public: about $90 million, most of it charged to the federal treasury.
What’s it for? Bigger scoreboard, a Hard Rock Cafe, “bathroom improvements,” you name it. Most of which have already been built and paid for, since the stadiums open in fewer than three months.
Why should we pay the teams for stuff they’ve already built? The city says it’ll earn a few million dollars in new taxes from the extra construction, and that the Yanks have kicked in a $10-million gift to the Parks Department. Unless the team is threatening to return their new faucets and void their check to Parks if the bonds aren’t approved, though, it’s hard to see how this is a gain.
NoLandGrab: Though deMause doesn't blame the Yankees' payroll for the need for mo' money, why should taxpayers in other cities be made to help enrich a rival ball club concurrently snatching up the most coveted free agents?
Posted by lumi at January 13, 2009 4:44 AM