The stadium cost a total of $1.5 billion, making it the second most expensive stadium in the world. $1.5 million of New York state tax revenue will be used to build parking garages (as authorized by the State Legislature). The parking garage project would cost $320 million. City and state taxpayers will forgo up to $7.5 million annually in lost taxes resulting from the sale of $225 million in tax-exempt bonds authorized on October 9, 2007, by the New York City Industrial Development Agency (administered by the New York City Economic Development Corporation) to finance construction and renovation of the parking garages. However, if the parking revenues are not enough to pay a reported $3.2 million land lease to the city, the entity that will operate the parking garages and collect revenue will be able to defer that payment.
Click here to cancel reply.
Sorry,At this time user registration is disabled. We will open registration soon!
Don't have an account? Click Here to Signup
© Copyright GreenAnswers.com LLC