Varying Valuations Of New Yankee Stadium Property Questioned
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Kucinich Questions Varying Valuations Of New
Yankee Stadium Property By Financiers |
U.S. Rep. Dennis Kucinich (D-OH) told a subcommittee hearing Thursday his investigation found "substantial evidence of improprieties and possible fraud by the financial architects of the new Yankee Stadium," according to Vachon & Gordon of NEWSDAY. Kucinich "focused in on two widely varying assessments of land values where the new stadium would" be built, and "sharply questioned whether the city's figures were truthful." In one assessment, city officials had found the land "would be worth $275 per square foot," while in another, the land "was $45 a square foot." Kucinich: "Not only have we found waste and abuse of public dollars, but also we have discovered serious questions about the accuracy of certain representations made by the City of [N.Y.] to the federal government." Vachon & Gordon note the city sold "tax-exempt bonds at lower interest rates, allowing the Yankees to borrow more cheaply." Under the IRS rule, the city "could issue bonds on the property's value." But N.Y. officials Thursday "defended the approach." N.Y. Economic Development Corp. President Seth Pinsky said that the appraisals "were varied in their method, one assuming there was a $1[B] stadium on the property while another evaluated just the property." Kucinich suggested that "city officials could face perjury charges if it was shown they knowingly provided faulty information to the IRS." Kucinich noted that Yankees officials on October 7 will testify before his Domestic Policy Subcommittee, part of the House Committee on Oversight and Government Reform (NEWSDAY, 9/19). IRS Acting Associate Chief Counsel for Financial Institutions & Products Stephen Larson said that the IRS "would likely look at ... the appraisal disparities." Larson: "Given what's in the papers recently, we have a fact pattern that's getting awfully close" (N.Y. DAILY NEWS, 9/19).
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