NEW YORK (AP) -The New York Yankees and Mets have won their fight to get public backing for additional financing for their new ballparks.
The city’s Industrial Development Agency on Friday approved additional public bond requests for the teams, which were given hundreds of millions in tax-exempt bonds when construction began in 2006. The vote followed two contentious hearings this week.
The teams sought to issue more bonds as costs increased on the new ballparks, both scheduled to open with exhibition games on April 3. Opponents say the original deals were unfair to taxpayers.
The Yankees asked for another $259 million in tax-exempt bonds and $111 million in taxable bonds. That is on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.5 billion Bronx stadium.
The Mets wanted an additional $83 million, after the $615 million already approved for their $800 million Queens park.
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