New Yankee Stadium under congressional investigation

Lawmakers in Washington have started an investigation into how construction on the new Yankee Stadium got the green light.Officials say the investigation focuses on just

THE BRONX - Lawmakers in Washington have started an investigation into how construction on the new Yankee Stadium got the green light.

Officials say the investigation focuses on just how much the land underneath the new stadium is worth. The Daily News has reported that the House Committee on Oversight and Government Reform is questioning why the city claimed the area was worth $275 per square foot in one estimate ? and only $45 per square foot in another. According to the paper, city assessors who were interviewed said there is no way the land is worth $275 per square foot.

The discrepancy resulted in big money for the city. Allegedly inflating the value of the land resulted in nearly $1 billion for the city in tax-free bonds.

The city?s finance committee fired back, reporting that factoring in the new Metro-North station and other infrastructure improvements means the land is worth more.

advertisement | advertise on News 12

Trending Video

Police say a 44-year-old Schuylerville man was stabbed 1 Police: Schuylerville man stabbed to death
National Be Humble Day encourages people to go 2 Word on the Street: Be Humble Day
At least seven alleged gang member were arrested 3 7 arrested after gang takedown in the Bronx
Officials broke ground Wednesday on a $52 million 4 $52M Affordable housing project breaks ground in Mount Eden
Claire makes her way down the manor's halls 5 Nursing home residents saddle up for tiny visitor

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE