October 31, 2008
Updated NYC stadium subsidy estimates
For those interested, I've updated my spreadsheet estimating the total cost of the new New York Mets and Yankees stadiums, to take into account the latest data from the city's Independent Budget Office. The upshot: The public cost of the Yanks' stadium goes down about $50 million (thanks mostly to slightly lower estimates of the cost to taxpayers of tax-free bonds), while the Mets' price tag goes up about $40 million (largely because of increased city infrastructure costs). The new totals:
- YANKS: $1.916 billion, with $646 million provided by the team, $864 million by the public ($431 million city, $102 million state, $45 million MTA, $304 million federal), $136 million by private garage developers, and $270 million by other MLB teams
- METS: $883 million, with $306 million provided by the team, $485 million by the public ($261 million city, $96 million state, $128 million federal), and $92 million by other MLB teams
Please correct your scorecards accordingly.
It seems like there is no financial crisis in the USA. *Sarcastic*
Posted by I miss my Expos on November 1, 2008 04:03 PM
$1.9 billion??? I mean, I know you couldn't put up a Photomat in NYC for less than $100 million, but how is this even possible? I can't wait to learn about the diamond-encrusted flush handles on the toilets.
Posted by MarkH on November 3, 2008 08:47 AM