The Yankees have approval for $942 million in tax-free bonds but claim they need $366 million more to finish the stadium. If the IRS had rejected the exemption, that request would have been dead. The Mets received approval for $612 million in tax-exempt bonds, but have not asked for more. Their new stadium is nearing completion . . .Nice to have friends in high places. Meanwhile, your boss can't get a line of credit to make payroll, your kid won't be able to see any games in person next year because the seats are too expensive, and the Mets and Yankees will probably spend a couple hundred million bucks on over-the-hill free agents.
. . . Mayor Bloomberg says he sought the exemption for projects across the city, but his economic development team did so while consulting with the Yankees' tax lawyers, e-mails show. After consulting with the Yanks, the city had Rep. Charles Rangel (D-Harlem), head of the House Ways and Means Committee, submit a letter to the IRS advocating their position.
The exemption is lucrative and timely for the Yankees. If the city approves the new funding, the nation's richest team will realize a total of $247 million in lower borrowing costs, the Independent Budget Office said.
(thanks to Pete Toms for the link)