The Yankees and the Mayor's Office

When the stories began leaking out about New York City Mayor Michael Bloomberg's office pressuring the Yankees for a luxury suite in the new ...
by | December 18, 2008
 

When the stories began leaking out about New York City Mayor Michael Bloomberg's office pressuring the Yankees for a luxury suite in the new Yankee Stadium, the New York Times found one thing puzzling, "It is hard to determine the precise value of what the city gave the Yankees as part of the exchange."

275px-New-yankee-stadium2 How about a billion dollars in tax-exempt bonds? It seems city finance department officials put the squeeze on a city assessor to inflate the value of the land under the stadium from $27 million to $204 million. State Assemblyman Richard Brodsky, who is leading the probe into the stadium fiasco, describes the tidy division of labor, "The professionals did their job. The political appointees then ordered them to change the assessment -- and they did."

The Yankees moved $968 million in bonds in 2006. They are presently seeking another $260 million in tax-exempt bonds and $110 million in taxable bonds.

Many e-mails have yet to come out -- and the first game hasn't even been played -- but it looks as though the new Yankee Stadium has a lousy foundation. Say it ain't so, Babe.

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Will Wilson  |  Former Correspondent
willbwilson@gmail.com

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