It’s been widely reported this week that NY state assemblyman Richard Brodsky released a letter on Friday January 2nd requesting that the city Industrial Development Agency delay a vote on additioanl public bonds. Both the Yankees and Mets have requested additional public bonds to help finance their new stadiums.
The Yankees are asking for another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of the $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion stadium.
The Mets want another $83 million, in addition to the $615 million already approved for their $800 million park.
Brodsky maintains that the initial public bond funding for the parks was provided without proper public input. Although I find public financing of stadiums somewhat distasteful, it’s become an economic reality.
I’m very skeptical of unknown politicians making a very public stand on issues that are sure to attain media attention. Although Brodsky may have the tax payers best interest at heart, I’m leaning toward this being a grand-standing move to gain public attention. Watch for Brodsky to run for congress representing Westchester County in 2010. You can get Brodsky’s contact information at his state assembly page here if you’d like to make him aware of your feelings on the subject of public bond financing for Yankee Stadium and Citi Field.