 |
 |
|
 |
|
|
 |
|
|
|
|
 |
|
 |
|
|
 |
|
 |
|
 |
tel/fax:
718.362.4784
Please note our new postal address when sending
contributions to the legal fund:
121 5th Avenue, PMB #150
Brooklyn, New York 11217
About DDDB
Our coalition consists of 21 community organizations and
there are 51 community organizations formally
aligned in opposition to the Ratner plan.
DDDB is a volunteer-run organization. We have over 5,000
subscribers to our email newsletter, and 7,000 petition
signers. Over 800 volunteers have registered with DDDB
to form our various teams, task-forces and committees
and we have over 150 block captains. We have a 20 person
volunteer legal team of local lawyers supplementing our
retained attorneys.
We are funded entirely by individual donations from the community at large
and through various fundraising events we and supporters have organized.
We have the financial support of well over 3,500 individual
donors.
More about
DDDB...
|
|
|
|
 |
ARCHIVES:
By Date|
By Category|
Text Search
|
July 2 Showdown Over Yankees (and Nets) Tax-exempt Financing
Presumably the discussion at the hearing below will include the
$800 million (at least) in tax-exempt financing Forest City Ratner seeks for
its proposed $950 million, and counting, Barclays Center Arena...
Assembly Standing Committee On Corporations, Authorities And Commissions
Assembly Standing Committee On Local Governments
Assembly Standing Committee On Cities
Assembly Standing Committee On Ways And Means
Notice Of Public Hearing
SUBJECT:
The request for increased public financing for construction of a new Yankee Stadium
in New York City.
PURPOSE:
This hearing will examine the recent requests by the New York Yankees for additional
funding in the form of tax-exempt bonds from the New York City Industrial Development
Agency (NYC IDA), a subsidiary of the New York City Economic Development Corporation
(NYC EDC), for construction of a new Yankee Stadium in New York City.
NEW YORK CITY
Wednesday, July 2, 2008, 10:00 am
Assembly Hearing Room, Room 1923, 19th Floor
250 Broadway
New York, New York
ORAL TESTIMONY WILL BE BY INVITATION ONLY
The NYC IDA is the financing branch of the NYC EDC that provides assistance to
businesses and companies operating in the five boroughs of New York City through
tax-exempt bond financing. In 2006, the NYC IDA approved the issuance of $920
million in tax-exempt bonds to the New York Yankees for the construction of a
new Yankee Stadium in the borough of the Bronx. The issuance of these bonds was
made possible when the Internal Revenue Service (IRS) waived regulations which
prohibit the use of public financing for sports facilities. Shortly after the
waiver was granted, the IRS instituted stricter enforcement of its regulations
prohibiting such use of tax-exempt bonds.
Reports in the news media have indicated that the New York Yankees are seeking
an additional $350 million in tax-exempt bonds from the NYC IDA to complete construction
of the stadium despite IRS regulations prohibiting such use of public financing,
and efforts are underway to have a waiver granted once again so that the sports
team can acquire the funding. This hearing will allow the Committees to obtain
information on the status of the financing plans for the construction of the Stadium,
and to investigate the requests for additional funding.
Assemblyman Richard L. Brodsky
Chair. Committee on Corporations, Authorities, and Commissions
Assemblyman Sam Hoyt
Chair, Committee on Local Governments
Assemblyman James F. Brennan
Chair, Committee on Cities
Assemblyman Herman D. Farrell, Jr.
Chair, Committee on Ways and Means
Posted: 6.28.08
|
|
|
|
