Yankee Stadium Deal Scrutinized by Congress
A Congressional subcommittee held a hearing on March 30 to examine the issue of publicly subsidized sports facilities, convention centers, and hotels, and dedicated much of the hearing to the Yankee Stadium project. At the city's request, the Internal Revenue Service issued a "private letter ruling" last year that enabled the Yankees to receive tax exempt financing for the construction of the new stadium. Later, the IRS modified its regulations to permit future stadium projects to take advantage of the same loophole in federal law that permits tax-exempt financing for certain sports facilities.
• Read the testimony of Joyce Hogi, a South Bronx resident who's apartment overlooks the construction site of the new stadium parking garages.
• Read the testimony of Neil DeMause, author of Field of Schemes and numerous articles about stadium deals.