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Phil Rogers Is Wrong Via Twitter, Too
Written by wrigleyville   
Saturday, 17 October 2009
He only gets 140 characters, but Phil Rogers is even wrong on Twitter: ChiTribRogers The Yankees spent $1.5 billion in tax dollars on a great stadium but forgot the press box windows. It's cold!!! Just saying. How was Yankee Stadium financed? That's a somewhat complicated question. According to ballparks.com, the $1.3 billion ballpark was paid for through:
Public financing: $220 million from New York City for parking facilities ($75 million), parkland along the waterfront ($135 million) and other work related to the stadium Private financing: Approximately $1.1 billion from the Yankees
The "private financing," however, came in the form of somewhat controversial tax-free bonds issued by the city: The Yankees, which have won 26 World Series titles and are one of the world's richest professional sports teams, want a city agency to sell $350 million of extra bonds to help finance their new home. But the Internal Revenue Service must approve the new debt. It stiffened its rules after $941 million of stadium bonds were sold for the Yankees in 2006. The Yankees repay the bonds that were sold by making so-called payments in lieu of taxes. If the land and buildings are overvalued, the city agency can sell more debt because the payments in lieu of taxes can be higher. So, either way, it's not fair to say Yankee Stadium wasn't built with $1.5 billion in tax dollars, unless you believe the Yankees won't pay anything back. And who cares if poor Phil is cold while he watches an ALCS game for free?


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