2/7/6, Crains: "Yankee stadium will cost taxpayers, group says"

February 07, 2006

Yankee stadium will cost taxpayers, group says
by Catherine Tymkiw

The proposed new Yankee Stadium could cost taxpayers nearly $500 million, according to a report by government watchdog group Good Jobs New York.

The Yankees have agreed to pay the estimated $800 million needed to build the stadium, with the city and state covering $210 million for parks, parking garages and infrastructure improvements. But the cost to taxpayers would be far higher, the report says.

“The Yankees would not be required to pay rent, property taxes, mortgage recording taxes or sales tax on construction materials,” wrote Good Jobs project director Bettina Damiani and research analyst Dan Steinberg. The report, called “Loot, Loot, Loot for the Home Team,” also claims that the new stadium won’t generate enough revenue to cover taxpayers’ costs and calls on officials to reevaluate the entire deal.

Among other suggestions, Good Jobs says the Yankees should reconsider renovating the current stadium.

Yankees President Randy Levine reportedly called the report “false and misleading.” Mr. Levine has tried to blunt opposition to the project by pledging to hire Bronx contractors for the project.