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Subsidies for Yankee
Stadium Parking Garages:
The New York Yankees are currently building
a new stadium one block north of its existing location at East 161
Street and River Avenue in the Bronx. The project also includes
the construction of three nearby parking garages containing almost 4,000
spaces. The stadium and parking facilities are being developed
on over 20 acres of frequently used public parkland, and city, state,
and federal subsidies for the project reach almost $800 million in direct
spending and tax breaks.
On October 9, 2007, the New York City
Industrial Development Agency (IDA) approved a proposal to offer subsidies for the
construction of the three new garages and the renovation of existing
garages and surface lots in the area. The IDA agreed to issue $225 million in triple tax-exempt bonds
(up from an earlier proposed amount of $190 million) to the Bronx
Parking Development Corporation to finance the development of the
parking facilities. The city estimates this will mean over $2.5 million
in forgone city taxes (in addition, there will be approximately $5 million and $51
million in forgone taxes at the state and federal level, respectively).
View September 6 IDA public
hearing project
materials.
Read GJNY's testimony from the
September 6th IDA hearing (Attachments:
April 5th Testimony,
CIDC Materials).
Read the testimony of Joyce
Hogi, a resident of the South Bronx.
Read New Yorker's for
Park's testimony.
Read the
testimony of parks advocate and Bronx resident Elizabeth Cooke Levy.
View April 5 IDA hearing project
materials.
Read GJNY's testimony from the
April 5th IDA hearing.
Read the testimony of Joyce
Hogi, a resident of the South Bronx.
Read Tri-State Transportation Campaign's testimony.
Read Sustainable South Bronx's testimony.
Read Straphanger Campaign's
testimony.
On
March 24, 2006, the Empire State Development Corporation (ESDC) also approved the allocation of
$70 million for the parking garages, which are expected to cost
approximately $239 million to construct (not including the $32 million
cost to the city of building public parks on top of the garages).
View
Modifications to ESDC's General Project Plan regarding the parking
garages.
Click here
to view a legislative timeline that charts the eight days it took for
the city and state to seize the parks being used for the stadium and
garages.
Read GJNY's exposes on the proposed project:
Insider Baseball: How
Current and Former Public Officials Pitched a Community Shutout for the
New York Yankees
Read Executive Summary
Read Press
Release
Loot, Loot, Loot for the Home
Team: How
the Proposal to Subsidize a New Yankee Stadium Would Leave Residents and
Taxpayers Behind.
Read Executive Summary
Read Press
Release
Read Updated
Subsidy Inventory (October, 2007)