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Congress probing whether city wildly inflated value of land for new stadium
A Congressional committee has launched a probe into whether the city and Yankees wildly inflated the value of the site for the team’s new stadium to float nearly $1 billion in tax-free bonds.
Rep. Dennis Kucinich (D-Ohio) last week demanded “specific documents and reports” that could show the city claimed the land beneath the new Yankee stadium was worth nearly seven times its true value.
Posted by: Sammy on 08/20 at 08:37 AM
- 1. · "As you look at it and break down where they’re getting tax breaks and where they’re getting sort of hidden subsidies, the taxpayers wind up paying most of the cost." -- Neil deMause (co-author of the book "Field of Schemes")
When the stadium was first proposed in Hughesville, the Commisisoners were provided with numerous examples from this book and other sources proving how the taxpayers are hosed on these "deals" while the "investors" and owners sing a happy tune all the way to the bank!
It's a scam (albeit legal) that must be stopped now, especially at a time when the average citizen is burdened more and more with higher taxes.
What makes it all the more disturbing is that most politicians thumb their noses at the taxpayers under the guise of "amenities" and "economic development" to "justify" these taxpayer subsidized "schemes".
Furthermore, in the next 5 or 10 years, (as part of the "scheme") the stadium will "require" renovations and upgrades, costing the taxpayers millions more.
Comment by cheryl on 08/20 at 09:56 AM | [Back to Top] | [Back to Main]
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