Congressional subcommittee to again discuss tax-exempt financing for Yankees, Mets ballparks

A Congressional subcommittee chaired by Rep. Dennis Kucinich (D-Ohio) will once again examine the issue of different appraisals for the land underneath the new Yankee Stadium.A Congressional subcommittee chaired by Rep. Dennis Kucinich (D-Ohio) will once again examine the issue of different appraisals for the land underneath the new Yankee Stadium. The original appraisal of $45 per square foot was premised on the current condition of the undeveloped land, while a second appraisal of $275 per square foot was projecting the value of land when developed. The higher appraisal allowed the Yankees to receive more in tax-exempt bonds from the city, and that’s really the issue here: whether sports facilities should be eligible for tax-exempt financing from municipalities. Both the Mets and the Yankees received tax-exempt bonds ($942 million in tax-exempt bonds for the Yankees, $528 million in tax-exempt bonds for the Mets), and the Yankees are seeking $336 million in tax-exempt bonds. This is a legitimate policy debate — and indeed, the IRS is looking at changing the rules for how projects like the ballparks can receive tax-exempt financing — but we’re not entirely sure that focusing on some supposed scandal involving land valuations will advance that discussion. Look for a lot of grandstanding and whining about sports teams receiving preferential treatment. More from Newsday.