NYC agency gets OK to issue tax-exempt bonds for Yankee Stadium development

The Yankees are another step closer to being able to build their new stadium in the Bronx.
The New York City Industrial Development Agency says the IRS has given it the go ahead to issue tax-exempt bonds to cover the construction financing. The agency plans to issue $920 million in tax-exempt bonds and $25 million in taxable bonds on behalf of the Yankees in mid-August.
The new stadium plans include paving over Macombs Dam and John Mullaly Park. Park advocates and some residents criticize the plans to demolish green space. The agency says the new stadium will help the community by providing construction jobs and permanent jobs. It is unknown when construction on the stadium will begin, but the team says it is expected to be complete by April of the 2009 baseball season.
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