City Agency O.K.’s Yankees, Mets for More Tax-Free Stadium Bonds

williamthompsonshravanvidyarthi 0 City Agency O.K.s Yankees, Mets for More Tax Free Stadium BondsThe Yankees and Mets have received approval for $342 million in tax-free bonds for their new stadiums.

The board of the city-run Industrial Development Agency voted 11-1-1 in favor of the $259 million in tax-exempt bonds for the Yankees and 13-0 for the Mets’ $83 million, according to an IDA spokesman.

This set of bonds, which was the second round of bonds approved for the stadiums, provoked an unexpectedly loud response from a set of public officials who had not been critical of the projects in the past, particularly Assemblyman Richard Brodsky and, recently, city Comptroller Bill Thompson (who, as an IDA board member, was the lone “no” vote today against the Yankees).

The city’s Independent Budget Office said Wednesday that the two new ballparks were costing the city, state and federal governments about $1.2 billion through a variety of tax breaks and subsidies.