Tax-exempt bonds OK for stadiums
October 22, 2008 08:54AM
The new Yankee Stadium
A ruling this week by federal tax officials allows city-issued tax-exempt bonds to be used in the funding of New York's three new stadiums: the basketball arena for the Nets at Atlantic Yards, the new Yankee Stadium and the Mets' Citifield. The new rule, adopted by the Treasury Department and the Internal Revenue Service on Monday, is expected to help Forest City Ratner's much delayed Atlantic Yards project along. As a result of the decision, the Yankees and the Mets are allowed to issue a new round of bonds worth millions of dollars, although investors could be hard to come by in this economic climate.
[NYT]
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