Yankees and City Caught in Squeeze Play?
Two years after the Yankees broke ground on the site of their new stadium, increasing scrutiny is being paid to the deal that netted the team $941 million in bonds for the construction project. Rep. Dennis Kucinich (D-Ohio) and Assemb. Richard Brodsky (D-Westchester) recently launched separate investigations into the city's assessment of the land's value.
Newsday reports that "the city reported to the IRS that the value of the land on which Yankee Stadium sits is worth $204 million. However, city appraisals for the land valued it at $21 million, Brodsky said."
The lower estimate came from the Parks department, who assessed the land as if it were undeveloped real estate, whereas the higher estimate, which was done by the city's Finance department, was the projected value of the land once the new Yankee Stadium is completed.
Juan Gonzalez of the Daily News says that the city's higher estimate was important because it helps the Yankees skirt taxes, using an IRS loophole of sorts.
Here are letters written by Kucinich to Randy Levine, President of the Yankees, the IRS, NYC Dep. of Finance, the National Park Service, and the NYC Economic Development Corp.
Heastie Prepares for Fight
Incumbent Assemblyman Carl Heastie is gearing up for a showdown for the 83rd District's seat in the Sept. 9 Democratic Primary this year. His challenger, Sherman Brown, is supported by Democratic County Chair Jose Rivera. Rivera's endorsement is the result of a roe he and Heastie had over Heastie's support of Elizabeth Taylor for a Civil Court vacancy, according to the Bronx News. Brown has been a resident of the 83rd District for two years and Heastie is a lifelong resident of the District.
In Camden, A Bronxite in Charge
The City of Camden, NJ, America's 5th Most Dangerous City, might have gotten just what it needs to help curtail the city's rampant crime, a Bronx police director. Former New York cop Louis Vega has been tabbed to take over the helm during a year when the city of approximately 80,000 is on pace to break it's own record for murders in a year (58). Vega has over forty years of experience, including time served as assistant chief of the Miami police department.
Protests Outside P.S. 11
Principal Elizabeth Hachar, of Highbridge's P.S. 11, is taking heat from angry parents, who gathered outside the school yesterday to demand that Hachar be fired. At the protest, Hachar was accused of negligence, misuse of funds that were allocated for ELL programming, and the improper firing of a popular school employee.