Wednesday, April 12, 2006

How much is that stadium in the window?

Remember all those times the Yankees and our beloved borough president crowed that the Yankees were paying for the stadium all by themselves, at no cost to the taxpayer?

Well, this is what the Independent Budget Office has to say:

"The plan for financing a new stadium for the Yankees includes direct subsidies and exemptions from state and local taxes as well as access to tax-exempt bonds for building the stadium. Over a 30-year period, these subsidies and exemptions would cost the city $170 million (present value) and the state an additional $85 million. For the Yankees, these benefits, including savings that result from the use of tax exempt bond financing, add up to $276 million over 30 years (present value)."

Click the title above to read all five pages of the IBO's testimony at the hearings down at City Hall this week.


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