There’s more and more stink coming out of the Yankee Stadium, the new one, that is.
Behind the State Assembly’s subpoena of Yankee president Randy Levine comes this article on the Daily News about how the costs more than doubled since 2006 over the original approved figure.
Skyrocketing expenses at the new Yankee Stadium will saddle taxpayers with a $325 million bill – more than twice the amount the city approved in 2006.
City Controller William Thompson blamed either “incompetence” or “blatant attempts to mislead the public” for poor initial estimates of costs for demolishing the old stadium, replacing some parks and street improvements.
The original price tag was $129 million.
“Costs don’t go up that dramatically in that period of time,” he said. “Either someone did that intentionally or it is the worst job of management that I have ever seen.”
He said the details have changed significantly enough that he plans to vote no this week when the board considers the team’s request for an extra $370 million in tax-exempt bonds.
The $325 million is just the city’s direct expenses, Thompson said. That doesn’t include lost tax revenues, the cost of building parking garages or a deal to trade parking space and billboard revenue for a city luxury suite.
The city relented to public pressure last week and will collect the revenue from that suite instead of using its 12 seats.
Levine is scheduled to testify today, so I’m definitely curious how that will turn out.