The Yankees gained an additional $370 million in tax-free bonds from New York City for their new stadium recently after a contentious week in which some local politicians traded jabs with Yankees officials during a hearing.
The city opted to approve the funds for the Yankees (as well as $88 million for the Mets' new ballpark) despite the economic crisis and amid many budget cuts in New York. Those facts led opponents such as Westchester Assemblyman Richard Brodsky and City Controller William Thompson to publicly criticize the move.
Yankees executive Randy Levine called Brodsky's complaints "grandstanding" and pointed to the many jobs the Yankees generate. Many of those jobs, however, would likely have been available in the old stadium as well.
Despite the opposition, the additional funds were approved by the Industrial Development Agency in an 11-1 vote on Jan. 16, to go along with the original $942 million the city has offered in public financing.
New York City Mayor Michael Bloomberg told the New York Daily News the deals aren't costing taxpayers anything more than the normal infrastructure costs for other businesses and pointed to the potential gains of revitalizing the Bronx.
The newspaper reported the Yankees will save $768 million in interest and financing, according to an analysis by the city's Independent Budget Office.
