City's share of Yankee stadium costs double
The 'Y' being lowered into place at the new Yankee Stadium. AP file photo
The city’s costs for the new Yankee Stadium have more than doubled in two years, said City Comptroller William Thompson, who accused the Bloomberg administration of low-balling its original estimate.
The capital cost for the city is now $325 million, up from its estimate of $129 million in 2006, the comptroller’s office said today.
“It’s willful. Costs don’t just go up dramatically like this,” said Thompson, a mayoral candidate.
He called the stadium project, which already includes $942 million in tax-exempt bonds, “the latest in a long series of deals where the city does not protect the taxpayer.”
A spokesman for Mayor Michael Bloomberg called Thompson’s complaints “political theater” and questioned why the comptroller, as a member of the Industrial Development Authority board, voted in favor of the stadium deal in 2006.
“It’s hard to believe he doesn’t know . . . New York City is getting back more tax revenue than it will cost and the South Bronx is getting thousands of new jobs and more than $1 billion in private investment,” said the spokesman, Andrew Brent. “He is, after all, the comptroller.”
The authority is to meet on Friday to approve $370 million in additional tax-exempt bonds for the project.
Thompson said he is asking the authority to delay its vote on the additional bonds, and if it does not, he will vote no.
In addition, a committee led by Assemb. Richard Brodsky (D-Westchester) has subpoenaed the authority’s chairman, Seth Pinsky, and Yankees President Randy Levine for a hearing tomorrow to deliver documents related to the bonds set for approval Friday.
Brodsky said he was opposed to any public funding for the stadium, particularly at a time when the city is facing painful budget cuts.
“The Yankees are one of the wealthiest corporations in the world and I see no reason they shouldn’t be paying for the stadium,” he said.
A spokeswoman for the team did not return phone calls seeking comment.
News of the comptroller’s findings had other local officials in a fit, questioning why the city is putting up millions of taxpayer dollars for a team that freely throws around money.
“The Yankees have spent $423.5 million on free agents this offseason — for them and the city to ask New York’s hard working taxpayers to foot the ever expanding bill on the new stadium is nonsensical and unfair, especially in difficult economic times,” said Councilman Eric Gioia (D-Queens), a candidate for public advocate.
Comments (1)
Yankee Stadium and we have to pay for it? Why do we have foot the bill while A-Rod is canoodling with Madonna and Kate Hudson. And where is Jeter? These guys have so much money and it's their stadium yet they're too busy buying multi-imillion dollar apts and fancy cars. I wish i can be a Yankee and not care about NY. This is why the Yankees will never win a world series again... they're sellfish and honestly they're just not good players anymore. They're too absorbed with their $200 million contracts. If you think about it what do the Yankees really do for us? Nothing. We go to their games, scream at the TV while they make the big bucks. They should be paying us to watch them lose. Go...team....go.