Friday, June 13, 2008

Brodsky to hold hearing on bonds for Nets arena and two stadiums

The news about the city's efforts to get the Internal Revenue Service to obtain tax-free bonds for the Nets arena and Yankees and Mets stadiums has prompted two legislators to schedule a public hearing in less than three weeks.

The press release:

Assemblyman Richard Brodsky (D-Westchester), Chairman of the NYS Assembly Committee on Corporations, Authorities & Commissions, and Assemblyman Sam Hoyt (D-Buffalo), Chairman of the NYS Assembly Committee on Local Governments, have today invited the New York City Industrial Development Authority (NYCIDA) to testify a Public Hearing to be scheduled on either June 30, July 1 or July 2 in New York City. Final date and location will be announced shortly.

The Hearing will examine the NYCIDA’s practices and procedures for issuance of public debt with respect to sports facilities for the Yankees, Mets and Nets. The Committees have been investigating the facts and actions of the issuance of public debt by state-created entities that operate in secret and without the control of elected officials. Legislation to reform such practices is being considered by the committees.

1 comment:

  1. At last, could this be the "hard look" that needs to be given to these sports venue projects where the taxpayers' money is thrown at rich team owners and developers with little or no oversight or accountability? Hopefully another nail in the coffin of Atlantic Yards.
    Brooklyn needs jobs, new businesses and truly affordable housing now, and in three to five years, not 10, 12, or who-knows-how-long.
    (Audrey, not Steve)

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