I'm a big New York Yankees fan. That said, the financing scheme to build the new Yankee Stadium has a growing odor to it. We're not talking chump change -- the project's tab is $1.3 billion. (The photo above, via Newsday, was taken the middle of July).
Assemblyman Richard Brodsky has taken taken the Yankees, and their enablers in government, to task, as reported by the New York Times.
“This stadium is being built by the people of the city and the state of New York,” Mr. Brodsky said during a press conference at the north end of the new stadium, at 164th Street and Jerome Avenue. “In return, they’re getting almost nothing. This deal does not serve the public’s interest. It serves the Yankees’ interest.”
Mr. Brodsky and other critics have argued that the city violated federal tax regulations by manipulating the assessed value of the land beneath the stadium so that the team’s annual payment in lieu of taxes would effectively equal the annual payments to bondholders, or debt service, of $56.7 million beginning in 2010.