The House That You Built
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- September
- 15
Assemblyman Richard Brodsky D-Greenburgh, Westchester County, plans to release a report Tuesday artfully named “The House That You Built: An Interim Report Into Public Financial Assistance for The New Yankee Stadium.”
The 30-page document, Brodsky said, is based on a five-month investigation into the decision by the New York City Industrial Development Agency and others to provide hundreds of millions of public dollars for the construction of the new Stadium.
He said the findings will include:
—$550 million to $850 million in taxpayers’ money that resulted in the creation of only 15 new permanent jobs.
—The public, not the Yankees, is paying the costs of constructing the new stadium
—A luxury suite was secretly acquired by New York City Industrial Development Agency and the Mayor’s Office with the proceeds from stadium bonds.
—The City manipulated the assessed value of the stadium to meet the need for an IRS tax exemption.
—Sworn commitments to the IRS, the National Park Service, and state officials were not kept.
—The Industrial Development Agency may have violated existing law in its creation of massive amounts of public debt, and its failure to assure public benefits from the massive taxpayer investment.
—The City refused to protect the public from excessive ticket price increases by the Yankees
—Independent investigations of the actions of DOF, NYCIDA, and other public and private parties must be undertaken immediately
Brodsky said the Yankees are getting from the state and city about $350 million and between $200 and $500 million in interest savings on IRS approved tax-exempt bonds, for a total taxpayer investment of between $550 and $850 million.
He said the stadium will only produce 15 permanent jobs.
This entry was posted
on Monday, September 15th, 2008 at 4:41 pm by Joseph Spector.
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So, there is the latest rip-off of taxpayers.
And what the Yankees want for tickets is obscene. I hope they bomb out for the next 20 years, just like this year.
A $220 million payroll doesn’t BUY what it used to.
This is one lifelong Republican who is admiring Mr. Brodsky.
The thieves who run the Yankees—and their corrupt, enabling partners—are due a comeuppance worthy of our Southern District’s US Attorney’s office.
Mr. Brodsky seems to be a virtuous lawmaker, with the right instincts.
Our elected officials are supposed to working for the “People”. Unfortunately what you see here in the City is working on a higher scale in Washington. The average American or tax paper here in the City is short changed for the few fat cats that will get to cut up the millions. I hope the Yanks get what they deserve, an empty stadium next year. There is no reason by the current stadium should be brought down and is being destroyed for a new one only for one reason. “Greed” The City of NW should be ashamed on giving the Yanks everything that they wished for to take a another bite out of New York’s glory.
The Yankees bought everything in sight starting with Babe Ruth. Now it looks like they bought some political favors while again screwing the fans.
Where have you gone, Joe DiMaggio? A nation turns its lonely eyes to you, boo, hoo, hoo.
Hey Bootsy, our elected officials are working for our elected officials and no one else.