IDA Board Approves Yankees and Mets' Request for Additional Tax-Free Financing
January 16, 2009 While most board members voted in favor of additional financing for the Yankees, John Graham, the alternate for Comptroller Thompson, voted against the proposal. In explaining his vote, he cited numerous concerns regarding previously unknown cost increases and questions about the project left unanswered by the IDA.
In addition, Bernard Haber, the Queens Borough President’s appointee to the board, abstained from the Yankees vote. Mr. Haber questioned the hundreds of millions in cost increases for the Yankees project since the IDA board initially approved it in 2006. The total vote was 11 in favor, one in opposition, and one abstention.
All members voted in favor of the additional financing for the Mets.
Read Good Jobs New York's testimony from the public hearing, and view Our Factsheet evaluating the city's claim of project benefits. Read more about the public hearing.Click here to learn more about the proposed financing.
Click here to view taxpayer costs of the new Yankee Stadium.