photo by Shelley Panzarella (cc)
Now we’re getting a little more action on Yankee Stadium. Today comptroller William Thompson denounced the “incredible mismanagement” by the Industrial Development Agency (IDA) in failing to control city costs from the construction of the new Yankee Stadium. “The original city capital contribution now has ballooned to $325 million, two-and-a-half times the amount we were told in 2006,” Thompson said. “The Administration is bending over backwards to subsidize an enormously profitable corporation, one that just signed three players to contracts worth a total of $423 million.”
And Richard Brodsky’s state assembly committee has subpoenaed Yankees President Randy Levine and IDA Chairman Seth Pinsky to find out how we wound up paying so much.
Unsurprisingly, Mayor Bloomberg disapproves. “I guess it makes for good political theater because it’s the Yankees,” said spokesman Andrew Brent, “but when it comes to valuable taxpayer dollars, decisions should be made on return not rhetoric.”
The Yankees are still requesting $370 million in bonds from the city, two-thirds of them tax-exempt, to go with nearly a billion dollars in bonds they have already received.
This article from the Village Voice Archive was posted on January 13, 2009