Yankee Stadium & Atlanic Yards Follies Update - NBC New York

Yankee Stadium & Atlanic Yards Follies Update

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    NEWSLETTERS

    Yankee Stadium & Atlanic Yards Follies Update

    Two of the city's big three stadium and arena projects are in the news again this week (sorry Citifield, you're getting a pass, except for the Shea Stadium foul pole being up for sale). The Yankee Stadium woes and Atlantic Yards woes are different, yet similar:

    1) Yankee Stadium: There's a report from Assem. Richard Brodsky, a frequent critic, that says it might have violated federal tax regulations and state laws in using $943 million in tax-exempt bonds. The report puts the total state and city investment at $850 million in cash and tax breaks. (Masochists can find and download the full report here.) Critics say the city violated federal tax regs by manipulating the assessed value of the land beneath the stadium for debt service purposes. [NYT]

    2) Atlantic Yards: There's a taste of both good and bad news for Atlantic Yards from Deputy Mayor for Economic Development Robert Lieber. First, Mr. Lieber says "the market will determine" what gets built and when, which is a more unsettling statement today than it would have been six months ago. (Last week, developer Bruce Ratner was promising a December groundbreaking.) Second, he says the city is open to helping with the added $100 million in public subsidies Mr. Ratner wants. "There are a number of ways we’re trying to help them do that," he says. [NYO]