SBD/Issue 198/Facilities & Venues

Mets Seeking More Tax-Free Financing For Citi Field Construction

Mets Seeking More Tax-Free Financing
For Construction Of Citi Field
The Mets are "seeking more tax-free financing" for the construction of their $632M Citi Field, set to open next season, according to a city official cited by Michael Frazier of NEWSDAY. The Mets have already received $528M in tax-exempt bonds, and N.Y. Economic Development Corp. President Seth Pinsky indicated that the Mets now are seeking about 10% of the current bond agreement, which would be about $52M. The Mets' financial intentions surfaced Wednesday "in a more than three-hour state Assembly committee hearing examining tax-exempt financing for sports complexes." The meeting was called by New York Assemblyman Richard Brodsky after Brodsky learned that the Yankees are "seeking another $350[M] in public financing" for construction on their new ballpark, also set to open next season. Frazier writes the news that the Yankees were seeking additional tax relief "rekindled a long debate over whether sports facilities should receive public financing." The Mets' "intentions to seek more tax-exempt bonds for the new Citi Field was first mentioned publicly" Wednesday in the hearing. N.Y.'s Independent Budget Office indicates that the current public financing plan would "save the Yankees $147[M] over 30 years, while the Mets will bank $104[M] over 40 years" (NEWSDAY, 7/3).

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