ASSEMBLY STANDING COMMITTEE ON CORPORATIONS, AUTHORITIES AND COMMISSIONS
ASSEMBLY STANDING COMMITTEE ON CITIES
NOTICE OF PUBLIC HEARING
Utilizing public financing for construction of a new Yankee Stadium in New York City.
This hearing will examine funding in the form of tax-exempt bonds from the New York
City Industrial Development Agency (NYC IDA), a subsidiary of the New York City Economic Development
Corporation (NYC EDC), for construction of a new Yankee Stadium in New York City.
NEW YORK CITY
Wednesday, January 14th, 2008
Assembly Hearing Room
Room 1923, 19th Floor
New York, New York
ORAL TESTIMONY WILL BE BY INVITATION ONLY
The NYC IDA is the financing branch of the NYC EDC that provides assistance to businesses
and companies operating in the five boroughs of New York City through tax-exempt bond
financing. In 2006, the NYC IDA approved the issuance of $920 million in tax-exempt bonds to
the New York Yankees for the construction of a new Yankee Stadium in the borough of the
Bronx. The issuance of these bonds was made possible when the Internal Revenue Service
(IRS) waived regulations that prohibit the use of public financing for sports facilities.
A series of policy and legal questions have been raised about the NYC IDA and other
government agencies using public financing to construct a new Yankee Stadium. This hearing
will allow the Committees to explore these issues as they relate to public funds and the
operation of IDAs and other authorities.
Ten copies of any prepared testimony should be submitted at the hearing registration desk.
The Committees would appreciate advance receipt of prepared statements.
In order to further publicize these hearings, please inform interested parties and organizations
of the Committees' interest in considering testimony from all sources.
In order to meet the needs of those who may have a disability, the Assembly, in accordance
with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans
with Disabilities Act (ADA), has made its facilities and services available to all individuals with
disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable
request, to afford such individuals access and admission to Assembly facilities and activities.
Assemblyman Richard L. Brodsky
Committee on Corporations,
Authorities, and Commissions
James F. Brennan
Committee on Cities
PUBLIC HEARING REPLY FORM
Persons invited to present testimony at the public hearing on utilizing public financing for
construction of a new Yankee Stadium are requested to complete this reply form as soon
as possible and mail or fax it to:
I plan to attend the public hearing on utilizing public financing for construction of a new Yankee Stadium to be held
by the Assembly Standing Committees on Corporations, Authorities and Commissions and Cities.
I have been invited to make a public statement at the hearing. I will answer
any questions that may arise. I will provide 10 copies of my prepared statement.
I would like to be added to the Committee's mailing list for notices and reports.
I would like to be removed from the Committee's mailing list.
I will require assistance and/or handicapped accessibility information.
Please specify the type of assistance required: