R-Lev Gets Subpoenaed

Yankees' president Randy Levine was subpoenaed on Tuesday by Assemblyman Richard Brodsky (D-Westchester) to testify before a state assembly committee on Wednesday concerning monies spent on the new Yankee Stadium.

Brodsky is upset at the Yankees, and the New York City Industrial Development Authority, for what he sees as a lack of cooperation in providing documentation to back further funding requests by the Yankees.

Levine appeared on Mike Francesa's radio show to clear the air. Here are some excerpts.

Francesa: "Why has this become such a hot issue?"

Levine: "2 reasons- secondary financing, which is common and was contemplated all along... Every cent is being paid for by the Yankees"

Levine then took Brodsky to task for grand standing and distorting the facts. The facts are that the Yankees are spending 1.3 billion of their own money. New York City owns the ballpark and the Yankees are tenants. The Yankees responsible for all maintenance costs of the new Stadium.

Francesa: "The NYC Comptroller said an audit shows direct cost to the city is $325 million due to oversights and mistakes."

Levine: It's not the actual Stadium that he's referring to. As part of the arrangement, the city is building the infrastructure - brand new parks, parking garages, etc...Rising construction costs are effecting it. The Yankees get no revenue from the garages. In fact, despite spending $1.3 billion, the Yankees only get 600 parking spaces."

Francesa: "If you are paying with private financing, why going to the city?"

Levine: "The Stadium is being built with a tax exempt financing mechanism. We have a 43 year lease with the city. Since the Yankees are tenants, there are no property taxes. The Yankees will pay make payments on the bonds issued in lieu of a property tax."

Francesa: "Could this have done without the city's help?"

Levine: "No, because borrowing would have been so much higher it would have been impossible. You don't have to pay federal tax on the bonds as you would with a bank. The Yankees are also putting $225 million of their own money on top of the bond money."

So there you have it. You can listen to the entire interview on WFAN's website. The Stadium will actually cost $1.5 billion and these issues will probably be resolved pretty quickly. As Newsday reported, Mayor Bloomberg took a shot, through a spokesman, at Brodsky as well.

"I guess it makes for good political theater because it's the Yankees, but when it comes to valuable taxpayer dollars, decisions should be made on return, not rhetoric," Bloomberg spokesman Andrew Brent said.

Play Ball!

Yankee Stadium Needs More Money

Michael Gormley of the Associated Press is reporting tonight that the Yankees are seeking an additional $400 million in public financing for the new Yankee Stadium. State Assemblyman Richard Brodsky of Westchester said the Yankees said they may not be able to finish the new stadium without the additional funds.

Brodsky said Seth Pinsky, president of the city’s Economic Development Corp., “told me that the Yankees have said they may not complete the stadium if this issue not resolved.”

New York City is working with the IRS concerning a regulation that would prohibit more public debt to be incurred. A similar situation is occurring with the new Shea Stadium and a new arena for the New Jersey Nets.

Yankee Stadium Needs More Money

Michael Gormley of the Associated Press is reporting tonight that the Yankees are seeking an additional $400 million in public financing for the new Yankee Stadium. State Assemblyman Richard Brodsky of Westchester said the Yankees said they may not be able to finish the new stadium without the additional funds.

Brodsky said Seth Pinsky, president of the city’s Economic Development Corp., “told me that the Yankees have said they may not complete the stadium if this issue not resolved.”

New York City is working with the IRS concerning a regulation that would prohibit more public debt to be incurred. A similar situation is occurring with the new Shea Stadium and a new arena for the New Jersey Nets.

If You Don't Build it They Won't Come

Ray Kinsella may have given up by now if the voice that he heard belonged to someone from the New York City Parks Commission. A report in Sunday's NY Times revealed that the costs for new parks around Yankee Stadium had nearly doubled, from $95.5 million to $174 million.

Not one park has been completed as of yet and most have not even begun to be built to replace the lands lost when construction of the new Yankee Stadium (28.4-acre Macombs Dam Park and a portion of the 18.5-acre John Mullaly Park) began.

Residents are not only upset at the delay, but at losing wide expanses of land. Instead of huge parks areas like Macombs Dam Park, smaller parcels of land are being distribued throughout the area.

“We’ve lost our biggest park, and what we’ve been reduced to is this parking lot,” said Anita Antonetty, 51, a South Bronx resident, referring to the temporary park at Jerome Avenue and East 161st Street. “We lost hundreds of trees that were 80 years old, and now there’s this monstrosity of cement across the street from where people live.”

“The real emphasis was on building a stadium for the Yankees, and the community and the parks were an inconvenient afterthought,” said Christian DiPalermo, executive director of New Yorkers for Parks, an advocacy group. “The Yankees couldn’t miss a season, but it was O.K. for the community to miss five years of parkland and be shut out of a community benefits agreement.”

A temporary park was built, though a year behind schedule at Jerome Avenue and 161st Street and it is heavily trafficked. It's done little to appease the residents whose land has been encroached on. And that park will eventually be paved over for a parking lot. The cost of which is sure to be higher than originally anticipated.

If You Don't Build it They Won't Come

Ray Kinsella may have given up by now if the voice that he heard belonged to someone from the New York City Parks Commission. A report in Sunday's NY Times revealed that the costs for new parks around Yankee Stadium had nearly doubled, from $95.5 million to $174 million.

Not one park has been completed as of yet and most have not even begun to be built to replace the lands lost when construction of the new Yankee Stadium (28.4-acre Macombs Dam Park and a portion of the 18.5-acre John Mullaly Park) began.

Residents are not only upset at the delay, but at losing wide expanses of land. Instead of huge parks areas like Macombs Dam Park, smaller parcels of land are being distribued throughout the area.

“We’ve lost our biggest park, and what we’ve been reduced to is this parking lot,” said Anita Antonetty, 51, a South Bronx resident, referring to the temporary park at Jerome Avenue and East 161st Street. “We lost hundreds of trees that were 80 years old, and now there’s this monstrosity of cement across the street from where people live.”

“The real emphasis was on building a stadium for the Yankees, and the community and the parks were an inconvenient afterthought,” said Christian DiPalermo, executive director of New Yorkers for Parks, an advocacy group. “The Yankees couldn’t miss a season, but it was O.K. for the community to miss five years of parkland and be shut out of a community benefits agreement.”

A temporary park was built, though a year behind schedule at Jerome Avenue and 161st Street and it is heavily trafficked. It's done little to appease the residents whose land has been encroached on. And that park will eventually be paved over for a parking lot. The cost of which is sure to be higher than originally anticipated.

Through the Looking Glass

Should have gone with stained glass.





















Photo courtesy of stadiumpage.com

Through the Looking Glass

Should have gone with stained glass.





















Photo courtesy of stadiumpage.com

Building the Perfect Beast (cont.)

As you can the 2 eagle medallions have been added to the facing of the new Yankee Stadium. StadiumPage.com has posted a slew of new construction photos.

Building the Perfect Beast (cont.)

As you can the 2 eagle medallions have been added to the facing of the new Yankee Stadium. StadiumPage.com has posted a slew of new construction photos.