The NY Daily News continues their excellent job of keeping an eye on stadium money shenanigans.
Ask Not What Your Yankees Can Do For You is worth a read. Excerpts below.
Nowhere in Paterson’s budget cuts is there a mention of the state’s agreement to fund about $103 million in maintenance, construction and bond costs for parking garages at their new stadium.
Are we expected to believe that giving back a little less than $3.1 million would prevent a franchise valued at $1.2 billion from finishing construction on a stadium that is nearly completed?
Wow. New York State school systems can be expected to manage $585 million in cuts through 2009, but the Yankees’ entire stadium project would crumble because of a $3.1 million shortfall?
When asked about giving back a little to help the state in its dire time, the Yankees said through a representative that “they don’t comment on hypotheticals.â€
Of course not. They’re too busy counting their money.
According to Good Jobs New York, a public watchdog group, in addition to the $103 million from the state, the Bombers have received $491 million from city subsidies and $251 million in federal funding. They’re also seeking more than $300 million in additional tax-exempt bonds.
