Published 12/9/2008
by ari reich
at Bleacher Report - MLB
The Yankees and Mets are asking the city for $450 million more in public bonds to finance their new ballparks, on top of nearly $1.5 billion they were already granted, according to the city's Economic Development Corp.
The Mets are requesting an additional $83 million, on top of $615 million already approved for their $800 million park.
In the Yankees' application, the team is asking for another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion stadium.
When it first came to light the teams intended to ask for more help from the city, lawmakers at the state and federal level argued taxpayers were being cheated by the deals.
The teams requested the additional financing in applications filed with the city ahead of a public hearing on the funding next month. The applications have not yet been made public, but the city shared details in response to questions from the ...
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