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About DDDB
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there are 51 community organizations formally
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We have the financial support of well over 3,500 individual
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Kucinich Steps Up Pressure on NYC Officials
As reported
yesterday by the AP:
...[Ratner's Atlantic Yards Barclays Center] arena's financing depends
largely on the ability to issue up to $800 million in tax-exempt bonds.
The Internal Revenue Service in 2006 proposed tightening the regulations of
tax-exempt bonds to severely limit their use to pay for sports stadiums. A final
decision, which could affect the arena as well as the bonds used to build stadiums
for the Yankees and the Mets, is still pending. An IRS spokesman wouldn't say
when a ruling is expected...
More on the significance--for Atlantic Yards--of the Congressman's actions (below)
from the Atlantic Yards Report "Kucinich
schedules hearing October 24 on Yankee Stadium and future of PILOTs."
Today: a media advisory from Congressman Dennis Kucinich:
For Immediate Release:
Kucinich Steps Up Pressure on NYC Officials
Cooperation Insufficient in Subcommittee’s Investigation of Stadium Finances
Washington D.C. (October 15, 2008) – In a letter to New York City Mayor Michael
Bloomberg, Congressman Dennis Kucinich (D-OH), Chairman of the Domestic Policy
Subcommittee, yesterday raised serious questions about the City of New York’s
assessment of the new Yankee Stadium that was used in the issuance of federally
tax-exempt bonds for the stadium’s construction. Congressman Kucinich requested
that the City fully comply with previous Subcommittee requests for documents related
to the assessment issue in advance of the Subcommittee’s October 24, 2008 hearing.
The Domestic Policy Subcommittee has previously held three hearings examining
the use of federal tax-exempt financing for construction of professional sports
stadiums and arenas and has focused on federal regulation of the use of payments
in lieu of taxes (PILOTs), an innovative financing mechanism pursued by the City
for its stadium projects. The October 24th hearing will examine whether City officials
reported to the Internal Revenue Service and prospective bond purchasers an improperly
inflated value for the stadium in an order to secure more PILOTs for the stadium
construction and whether the City’s efforts to stop finalization of proposed U.S.
Department of Treasury regulations that would effectively prohibit the use of
PILOTs in this context serve the public interest.
Mr. Seth Pinsky, President of the New York City Economic Development Corporation
and Mr. Randy Levine, President of the New York Yankees, have agreed to testify
at October 24th hearing. In the letter, Congressman Kucinich requested that Ms.
Martha Stark, Commissioner of the New York City Department of Finance, the City
agency that conducted the stadium assessment, also testify at the hearing and
that the City finally produce documents related to the assessment issue that were
due on August 6, 2008. Despite repeated promises, the Yankees still have not produced
many of the documents related to the assessment that were due on that same date.
The text of the letter is available HERE.
# # #
Posted: 10.15.08
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