Yankees pres. speaks in stadium hearing

January 14, 2009 3:16:40 PM PST
Yankees President Randy Levine says his team is paying to build its new stadium, not New York City taxpayers. Levine testified at a combative state Assembly hearing Wednesday on the use of hundreds of millions of dollars in public funding for the stadium.

The Yankees are asking this week for another $259 million in tax-exempt bonds and $111 million in taxable bonds. That's on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for the $1.3 billion stadium.

Levine and city economic officials sparred with state Assemblyman Richard Brodsky over the use of the funds.

Levine insisted repeatedly that the bond financing works out to be a good deal for the city. He accused Brodsky of grandstanding for issuing subpoenas calling him to appear at the hearing.


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