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Photo credit: Marla Maritzer

New York City Comptroller William C. Thompson, Jr. testifies before the New York State Assembly Committee on Corporations, Authorities and Commissions regarding public financing of the new Yankee stadium on January 14, 2009.

New York City Comptroller William C. Thompson, Jr. today testified before the New York State Assembly Committee on Corporations, Authorities and Commissions regarding public financing of the new Yankee stadium.

The Committee is chaired by Assembly Member Richard Brodsky. Assembly Members Jane Corwin, Charles Lavine, and James Brennan were also present during Thompson’s testimony.

During his opening remarks, Thompson stated: “I originally supported the development of a new Yankee stadium, not only as a baseball fan, but as a New Yorker who believes that the city should always be at the cutting edge of development.

It is now clear that the numbers originally presented to the public we’re grossly inaccurate and important details never came to light.

An analysis conducted by my office found that what began as a contribution by the City of $182 million dollars has swelled to nearly $400 million dollars, more than two times the amount we were told in 2006. That amount will no doubt continue to grow. And now, the Yankees are asking for even more money.
   
During these tough fiscal times, and in light of the incompetent management demonstrated with this project, I call on the IDA to postpone its vote on the Yankee’s request for additional funding scheduled to take place on Friday.” 
   
Speaking at a news conference yesterday, Thompson accused Mayor Bloomberg and the New York City Industrial Development Agency (IDA) of financial incompetence during negotiations for a new Yankee Stadium, saddling City taxpayers with astronomically steeper costs.

Thompson’s full testimony can be viewed at www.comptroller.nyc.gov.

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