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Mets, Yankees ask NY for more bonds

(Agencies)
Updated: 2008-12-09 14:56

NEW YORK - The Yankees and Mets baseball teams are asking New York for $450 million more in public bonds to finance their new ballparks, on top of nearly $1.5 billion they were already granted, according to the city's Economic Development Corp.

The teams requested the additional financing in applications filed with the city ahead of a public hearing on the funding next month. The applications have not yet been made public, but the city shared details in response to questions from The Associated Press.

In the Yankees' application, the team is asking for another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion stadium.

The Mets are requesting an additional $83 million, on top of $615 million already approved for their $800 million park.

The city's Industrial Development Agency must hold a hearing before granting any additional public support for the ballparks, which are expected to be completed next year. Mayor Michael Bloomberg and other city officials have long insisted that the city reaps economic and other benefits from having the private stadiums.

As part of a deal still being worked out for the additional financing, city officials say the Yankees have agreed to some givebacks. Those could include putting money into public parks and infrastructure near their new home in the Bronx.

The original financing plans were negotiated in 2006, but both teams indicated earlier this year that they intended to ask for more help as costs began to increase.