Politics on the Hudson

Not everybody is winding down, getting ready for the 4th of July holiday.

Assemblyman Richard Brodsky, D-Greenburgh, announced today that his Committee on Corporations, Authorities and Commissions will join with two other Assembly committees for a public hearing Wednesday on how the New York City Industrial Development Authority handled the financing for the new Yankee Stadium.

The new Yankee Stadium project, according to Brodsky’s press release, was granted $942 million in tax exempt financing in 2006 but is now seeking as much as $366 million.

“The law requires a clear public benefit when tax free bonds are used,” said Brodsky, who chairs the Committee on Corporations, Authorities and Commissions. “We will be examining what benefits exist, if any, who made these decisions and what the public cost will be, at a time of shortage of public dollars and escalating ticket prices.”

The hearing is set for 10 a.m. at 250 Broadway in Manhattan.