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The Frog |
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2nd Line Scorer
Location: Atlanta, Ga. Member Since: August, 2006 [ Link to this post ] |
Apparently the Yanks & Mets think they are recession proof! Yanks, Mets want $450 million more Associated Press NEW YORK -- The Yankees and Mets are asking the city for $450 million more in public bonds to finance their new ballparks, on top of nearly $1.5 billion they were already granted, according to the city's Economic Development Corp. The teams requested the additional financing in applications filed with the city ahead of a public hearing on the funding next month. The applications have not yet been made public, but the city shared details in response to questions from The Associated Press. In the Yankees' application, the team is asking for another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion stadium. The Mets are requesting an additional $83 million, on top of $615 million already approved for their $800 million park. The city's Industrial Development Agency must hold a hearing before granting any additional public support for the ballparks, which are expected to be completed next year. Mayor Michael Bloomberg and other city officials have long insisted that the city reaps economic and other benefits from having the private stadiums. As part of a deal still being worked out for the additional financing, city officials say the Yankees have agreed to some givebacks. Those could include putting money into public parks and infrastructure near their new home in the Bronx. The original financing plans were negotiated in 2006, but both teams indicated earlier this year that they intended to ask for more help as costs began to increase. The additional cost to the city resulting from the use of tax-exempt bonds is expected to be $16 million for the Yankees deal, but nothing extra for the Mets deal because that financing was already figured into the plan approved in 2006 as a "contingency." The Internal Revenue Service recently updated its rules to limit the way tax-exempt bonds can be used to pay for sports facilities, but after lobbying from the city, the IRS said those regulations will not affect "certain projects substantially in progress," including the two new baseball stadiums. When it first came to light that the teams intended to ask for more help from the city, lawmakers at the state and federal level argued taxpayers were being cheated by the deals. Rep. Dennis Kucinich, an Ohio Democrat who heads the House Oversight and Government Reform Committee, has accused the city of misrepresenting the value of the Yankee Stadium land to get special tax deals from the IRS. Kucinich has said he believes there is "waste and abuse of public dollars" in the deal. State Assemblyman Richard Brodsky is also investigating the projects. He believes the financing agreements were hammered out without taxpayer input. Copyright 2008 by The Associated Press |
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[ Ignore This Idiot ] |
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The Falconer |
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Hall of Famer
Location: Nothing says Member Since: April, 2006 [ Link to this post ] |
I think if the taxpayers build a stadium the public ought to own the naming rights of to the building. |
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| [ PM The Falconer ] |
__________________ http://www.birdwatchersanonymous.com/ |
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[ Ignore This Idiot ] |
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CheapSeats |
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Miss Stake
Location: NÖT QÜÖTTE DRÅNII PÖÜTINEN!!!! Member Since: November, 2002 [ Link to this post ] |
quote: If the taxpayers build a stadium, all games are on free over-the-air TV as well. |
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| [ PM CheapSeats ] |
__________________ 72 DO:{JHOPJHINS GREASTTEST TEWAM EVER MOTHER CFUCKERS!!!! - Mangoholico Spell check is the drunk man's penis pump. - Boatdrinks We do not support government bailouts of private institutions. GOP 2008 platform |
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The Falconer |
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Hall of Famer
Location: Nothing says Member Since: April, 2006 [ Link to this post ] |
quote: What are you a "socialist" free baseball watching for all? "To each according to his baseball watching needs"  |
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| [ PM The Falconer ] |
__________________ http://www.birdwatchersanonymous.com/ |
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[ Ignore This Idiot ] |
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Bongo |
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High-Class low-life
Location: Out there somewhere. Member Since: December, 2002 [ Link to this post ] |
How did Mr.Burns put it on the Simpsons the other night. "Billionaires having stadiums built with public funds to house their own personal playground." or something like that. One of the biggest and well played scams of the 20th century. |
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| [ PM Bongo ] |
__________________ "Lord, put a handle on a simple headed man."...Waylon Jennings |
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[ Ignore This Idiot ] |
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3putt |
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2nd Line Scorer
Location: Back in the States Member Since: July, 2004 [ Link to this post ] |
quote: READ it again Dickhead! This is not free money, it is bonds that have to be paid back. |
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| [ PM 3putt ] |
__________________ 23 |
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[ Ignore This Idiot ] |
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kopykat |
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Hall of Famer
Location: sure, I tell you, you tell someone else? I don't think so... Member Since: November, 2003 [ Link to this post ] |
quote: you want New Yorkers to have free reign over naming a stadium???? I can see it now:  |
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| [ PM kopykat ] |
__________________ some people are like slinkies...... they aren't really good for anything but they still bring a smile to your face when you push them down a flight of stairs. http://www.bringyuenglingtogeorgia.com reportedly coming October 27!!! |
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The Falconer |
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Hall of Famer
Location: Nothing says Member Since: April, 2006 [ Link to this post ] |
quote: Hey Dickhead, if it was more lucrative for the team to privately finance their own building they would. There's a reason they ask local governments to do this. |
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| [ PM The Falconer ] |
__________________ http://www.birdwatchersanonymous.com/ |
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[ Ignore This Idiot ] |
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3putt |
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2nd Line Scorer
Location: Back in the States Member Since: July, 2004 [ Link to this post ] |
quote: Actually it is a bonus for both sides. The States/Cities are only allowed to lend money for projects in such areas that would be public use structures and then they can make money on the interest. This is better than having the money just sit there. And yes it is a better interest rate than they could get at a bank, which by the way, the banks do not have much of right now. It is also a way for the buyers of the bonds to skirt the tax increases that are being proposed. Lastly, as a typical B.S. move by a biased reporter, it was not reported that both facilites are actually finished. This money is more for the dismantling of the old stadiums. The quick and fast way would be implosions, but the teams have chosen to deconstruct each stadium instead. this helps the local unions that can employ people to do the work as well as the pieces of the stadium, toilets, doors, lights, etc can be re used in public parks and other public institutions. a win Win. |
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| [ PM 3putt ] |
__________________ 23 |
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[ Ignore This Idiot ] |
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