Thompson accuses city of mismanaging Yankee Stadium funds

New York City Comptroller William Thompson accused Mayor Michael Bloomberg and the city Industrial Development Agency of mismanaging the funds for the new Yankee Stadium. Thompson said the city’s original capital cost was estimated to be $129.2 million in 2006, but it has now risen to $325 million. According to Thompson, the demolition of the old Yankee Stadium was estimated at more than 50 percent less than its actual cost, and the city also underestimated the cost for a rooftop park and retaining wall. At Friday’s IDA meeting to discuss a new funding plan for the stadium, the board of directors will vote on issuing $371.8 million in new bonds, and refunding $60 million of the existing bonds, to move debt service out to later years. Thompson is calling for the IDA board of directors to postpone the upcoming vote on a new stadium financing plan until it can negotiate a better deal. TRD