The Yankees and Mets take another step toward new ballparks:
A city economic development agency granted the New York Yankees and New York Mets baseball teams approval to finance new stadiums with $1.56 billion in tax- exempt and taxable bonds.
The New York City Industrial Development Agency voted unanimously today to grant the Yankees $866 million in tax- exempt and $64 million in taxable bonds to build a 53,000-seat ballpark in the Bronx next to the existing Yankee Stadium. The Mets, who would build a 44,100-seat ballpark in Queens next to their current home, Shea Stadium, were granted $527.6 million in tax-exempt and $104 million in taxable debt.
If approvals keep coming, both teams could open new parks in 2009. That would be a fun year to be a baseball fan in New York.
Does anyone know why the Yankees need more money than the Mets? Are they building a bigger park, or is construction more costly in The Bronx?
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The Yankmees have to replace Macombs Park which they’re building over, as opposed to the Mets who are simply building on their parking lot.
The yanks also plan to do more work on transportation infrastructure and community development than the Mets.
Doesn’t the article also show that the Yankees new park will have 9,000 more seats than the new Shea? Or am I reading that wrong.