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
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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 |
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SUBJECT: |
The request for increased public financing for construction of a new Yankee Stadium in New York City. |
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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. |
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NEW YORK CITY ORAL TESTIMONY WILL BE BY INVITATION ONLY |
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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. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committees would appreciate advance receipt of prepared statements. In order to further publicize these hearings, please inform interested parties and organizations of the Committees' interest in considering testimony from all sources. In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities. |
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PUBLIC HEARING REPLY FORM Persons invited to present testimony at the public hearing on the request for increased public financing for construction of a new Yankee Stadium are requested to complete this reply form as soon as possible and mail or fax it to:
Simonia Brown |
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I plan to attend the public hearing on the request for increased public financing for construction of a new Yankee Stadium to be held by the Assembly Standing Committees on Corporations, Authorities and Commissions, Local Governments, Cities, and Ways and Means. |
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I have been invited to make a public statement at the hearing. I will answer any questions that may arise. I will provide 10 copies of my prepared statement. |
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I would like to be added to the Committee mailing list for notices and reports. |
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I would like to be removed from the Committee mailing list. |
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I will require assistance and/or handicapped accessibility information. Please specify the type of assistance required: |
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*** Click here for printable form *** |
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