The new Yankee stadium got up to $850 million in taxpayer investments but will create just 15 permanent jobs, a scathing new report charges.
Assemblyman Richard Brodsky (D-Westchester) will release the 30-page "House That You Built" report today; it comes as the team finishes its final home stand at its old historic ballpark.
The report says the Yanks got $336 million from the city and state and up to $500 million in interest savings on IRS-approved tax-exempt bonds.
It slams the city Industrial Development Agency, saying it "may have violated existing law in its creation of massive amounts of public debt and its failure to assure public benefits from the massive taxpayer investment."
The Daily News first reported many of the findings in the report, which charges:
- The city "manipulated" the assessed value of the stadium to meet the need for an IRS tax exemption. The city appraised the value of the new stadium land at $21 million, but told the IRS it was worth $204 million.
- "Sworn commitments" to the IRS and the National Park Service were not kept.
- The Industrial Development Agency and the mayor's office "secretly" acquired a luxury suite.
- The city failed to protect fans from "excessive ticket price increases."
What a mess.
