Congressional Panel Probing Suspect Yankee Stadium Land Value

Congressional Panel To Look At Yankee Stadium Land Value

New York Assemblyman Richard Brodsky said that a Congressional hearing centered on the "use of public financing to build sports complexes," originally scheduled for yesterday, has been postponed until September to allow the committee to "probe deeper into why the value of land under the [new Yankee Stadium] appeared inflated on tax reports," according to Michael Frazier of NEWSDAY. The hearing was called by the Domestic Policy Subcommittee of the U.S. House Committee on Oversight & Government Reform, for which U.S. Rep. Dennis Kucinich (D-OH) serves as Chair. Kucinich Friday sent letters to Yankees officials, the IRS and "various city agencies inquiring about the accuracy of land appraisals" of Yankee Stadium that were reported to the IRS. But Brodsky "had already obtained some of the information Kucinich had sought," and Brodsky Monday "released land value estimates he said bared discrepancies." Brodsky said that the city reported to the IRS that the value of the new Yankee Stadium land was $204M, but city appraisals for the land "valued it at $21[M]." The subcommittee delayed the hearing as a result of learning the information. A source said that the panel delayed the hearing because it wanted "more time to 'gather original documents that would enable the subcommittee to evaluate the accuracy and consistency of representation made about the property value to federal agencies and investors'" (NEWSDAY, 7/30).

LIKE A GOOD NEIGHBOR: The New Yankee Stadium Community Benefits Fund today will hold its inaugural grant award ceremony at Hostos Community College, where it will hand out $261,000 to 15 organizations. The fund, created to "dampen local opposition to the controversial new stadium plan," in May gave $500 grants to 24 different Bronx Little League groups. The community benefits agreement signed by the Yankees "promises the fund an annual $800,000 in cash, $100,000 worth of sports equipment and 15,000 home game tickets for the next 40 years" (N.Y. DAILY NEWS, 7/30).