Bubble Wrap
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NY Yankees one big step closer to new stadium
The City Council voted 44 to 3 to approve the construction of the new stadium for the Yankees.
The NY Times covered the vote in City Council Backs Yankees’ Plan for New Stadium
”...despite opposition from several council members as well as parks advocates and residents in the surrounding community, which is among the poorest in the nation. These critics say the stadium would take away valuable parkland in a neighborhood that already has too little, snarl traffic on game days and lead to more pollution.
Under the financing plan for the stadium, the Yankees will pay for the construction through $930 million in bonds issued by the city, of which about $860 million will be tax exempt. The team will pay back the city through payments in lieu of taxes, in addition to providing millions of dollars in benefits to the local community.
