Streams

Costs Outpacing Revenues for New Yankees Stadium

Thursday, September 18, 2008

The new Yankee Stadium's financing will be the focus of a congressional subcommittee hearing today. Since its approval, the city's costs have risen so much that it may no longer be making more money from tax revenues than it's putting into the project. WNYC's Matthew Schuerman reports.

REPORTER: The Bloomberg administration determined two years ago that the city would eke out a narrow profit margin of $40 million from its investment in the billion-dollar stadium.

Tax revenues from concessions and construction wages will likely be a bit higher than anticipated. That's because the Yankees have added a giant video screen and fancier restaurants. But the city's expenses are expanding at a far faster rate: the costs of replacing the parks where the new stadium is being built have doubled, to $190 million.

Seth Pinsky, of the Economic Development Corporation, says it's hard to do a back-of-the-envelope calculation because of numerous other variables. But if tax laws are changed to allow the Yankees to apply for another installment of tax-free bonds, he says the EDC will take another look at whether the city's financial assistance is still worth it. For WNYC, I'm Matthew Schuerman.

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