City approves bonds for baseball stadiums

The city’s Industrial Development Agency unanimously approved on Tuesday $1.56 billion in bonds to help fund new stadiums for the New York Yankees and the New York Mets. The Yankees’ funding package includes $866 million in tax-exempt bonds, $64 million in taxable bonds, the elimination of property taxes, and energy and mortgage recording tax breaks. The Mets will get $635 million in tax-exempt and taxable bonds to help build a new stadium next to Shea. more [Crain’s]