Tuesday, October 21, 2008

Finance Commissioner Stark will testify at Kucinich hearing Friday

Rep. Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee of the House Committee on Oversight and Government Reform, has gotten part of the request made last week: Martha Stark, Commissioner of the New York City Department of Finance, will testify at the hearing Friday titled "Gaming the Tax Code: the New York Yankees and the City of New York Respond to Questions About the New Yankee Stadium."

Whether the city has produced all the documents Kucinich requested, however, is another question.

Also testifying will be Randy Levine, President, New York Yankees; Seth Pinsky, President, New York City Economic Development Corporation; and Assemblyman Richard L. Brodsky, who produced a tough report on the stadium issue.

The hearing will be webcast at 10 a.m. The hearing will examine not only whether the stadium valuation was "gamed" but also "whether the City’s efforts to stop finalization of proposed U.S. Department of Treasury regulations that would effectively prohibit the use of PILOTs in this context serve the public interest." That larger issue points directly to the city's effort to get tax-exempt bonds for the Atlantic Yards arena.

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