http://www.planNYC.org/ PlanNYC | New York City Planning Information Portal en-us ja3n@earthlink.net http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4416 At an Assembly hearing on public financing of stadiums, it was announced that the Mets are asking for an additional $52 million in city issued tax-exempt bonds for construction of their new stadium. With the current funding scheme, the Mets will profit $140 million over the next 40 years and the Yankees, $137 million over 30 years, according to the Independent Budget Office (IBO). 2008-07-03 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4407 Many major construction projects in the City have now been put on hold due to a cement truck driver's strike. Negotiations were unsuccessful yesterday, causing the union to strike which halted construction on projects already facing delays and budget issues. Continued negotiations are not expected to occur again until after the holiday weekend at the earliest. 2008-07-02 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4411 The New York State Assembly held a hearing on Wednesday to debate the merits and concerns with public financing of stadiums, specifically the new stadiums for the Mets and the Yankees. The hearing was timely, as the Yankees have asked for $360 million more in tax free bonds issued by the City. The City has already issued the team $920 million in tax-exempt bonds. The Yankees will need the IRS to waive certain regulations in order for them to use the additional financing 2008-07-02 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4379 Local Bronx Officials and Community Advocates are still waiting for the replacement parkland promised the area when a deal was struck for the construction of a new Yankee Stadium on existing parkland. While adequate replacement parks have been promised in the surrounding area, the Parks Department says issues involving environmental cleanup, lack of funds, and awaiting the demolition of the current Yankee Stadium all cause delays in the creation process. 2008-06-25 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4346 U.S. Congressman Dennis Kucinich (D-Ohio) is looking into the Yankee’s request for additional taxpayer-backed financing for its new stadium as part of a broader investigation into whether or not the Internal Revenue Service (IRS) is able to allow the use of publicly-backed dollars for the development of professional sports stadiums. The congressman has asked the Treasury Department to answer questions about the proposed changes in regulations that would allow additional public funds for the project before any additional funding is granted. Some City officials have been lobbying to have the IRS regulations changed, but many state officials are critical of the concept of using public dollars for sports stadiums. The Yankees argue that all of their funding was approved prior to the IRS’s regulations for public money granted to stadiums and say that it would be unfair “to change the regulations in midstream.” 2008-06-14 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4339 A 2006 ruling by the Internal Revenue Service (IRS) that restricts the use of tax-exempt bonds for profitable organizations could prevent the completion of three major projects all dependent on tax-exempt bond financing: new stadiums for the Yankee and Mets teams as well as the Barclays Center basketball stadium at Atlantic Yards. City officials, representatives from the Empire State Development Corporation, and developers are petitioning the Treasury Department to reverse the rule change or issue exemptions for projects begun before 2006. The proposed rule change, if agreed to, would bear on tax-exempt bonds issued after February 2007. 2008-06-13 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4340 A group of legislators is demanding a public hearing after the Yankees organization requested more tax-exempt financing for its new stadium. The Yankees are in ongoing discussions with city and state public authorities, as well as the Internal Revenue Service (IRS), about additional tax-free bond financing in the amount of $350 million. The baseball organization, which has received $900 million in financing to date, announced that that the project’s cost had increased to $1.3 billion. The legislators argue that the tax-free bond financing could be better spent on other projects. 2008-06-13 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4335 The Yankees are seeking additional public funding in order to finish their new stadium. The baseball team asked the City to sell $350 million more tax free bonds but insists that it will be able to finish the stadium without the additional funding. The Yankees have already received nearly $900 million in bonds, many of which have been non-taxable. The IRS would have to change a regulation in order for the Yankees to get additional funding 2008-06-12 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4271 The cost and time estimated to construct several of the new parks near Yankee Stadium have increased substantially. The two parks that are planned to replace the ones destroyed for the new Yankee Stadium have almost doubled in costs, from the original estimate of $95.5 million to $174 million. Eight additional parks that were also promised to the South Bronx may be delayed by two years. The construction on some of these parks has not yet begun; however, the City’s Parks Department has developed a makeshift park in a neighborhood parking lot. Officials from the Parks Department attribute these delays and increased costs to a variety of factors including the discovery of oil barrels under one of the proposed replacement park sites. The City is required to construct these parks under the acquisition agreement for the new stadium site. 2008-05-25 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4190 The New Yankee Stadium Foundation, set up as part of the Community Benefits Agreement (CBA) from the construction of the new Yankee Stadium, has begun to dole out funds to different community groups. The Foundation gave $500 grants to 24 Little League teams in early April and is hopeful to begin giving out money to larger projects and groups. Under the CBA, the Foundation will receive $800,000 in cash and $100,000 in baseball equipment every year for 40 years. The Foundation will also get tickets to Yankees games. 2008-05-06 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4179 Construction at the Mets’ new Citi Field and the new Yankee Stadium has reduced game parking for both teams by about 2,000 spots each. Once the stadium projects are completed, parking for both stadiums will be increased, to 8,500 for the Mets and 9,000 for the Yankees. There are also plans for a new Metro North station at Yankees Stadium, serving the Hudson, Harlem and New Haven lines. 2008-05-03 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#4121 The City opened the first Yankee Stadium “redevelopment park” in the South Bronx last Friday as part of the efforts to replace 25 acres of parkland lost due to the new stadium. The new artificial-turf ball field is located on an old asphalt school playground one mile away from existing parks that were taken away. Many residents have expressed frustration about the new park’s distance from their community and that no new open space will be created by the development. 2008-04-21 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#3967 Bronx residents complained at a Community Board 4 that they have not yet seen the promised $1 million that is owed as part of the Yankee Stadium community benefits agreement (CBA). The CBA states that the surrounding neighborhoods will get nearly $1 million per year for the next 40 years. A member of the volunteer advisory panel for the agreement stated that the process for distributing the money will begin in April. 2008-03-26 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#3927 The Yankees say they will continue with their plan to create 28 acres of new parkland to replace that on which they are building their new stadium, despite a report that costs for the parks have risen by almost 50%. 2008-03-20 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=26#3793 A fund established as part of the Community Benefits Agreement (CBA) agreed to by some Bronx officials and the Yankees almost two years ago is set to begin its work soon. The recently established New Yankee Stadium Community Benefits Fund Inc. is expected to start giving out money and supplies to area Little Leagues and non-profits in April. The Yankees agreed to give $800,000 in cash and $100,000 in baseball equipment as well as tickets for home games every year for the next 40 years to communities in the Bronx in an effort to quell public opposition to a new stadium. 2008-02-19 00:00:00