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Complex would be across from Stadium

7/30/2004 - New York Yankees

NEW YORK -- The New York Yankees want to build a new, $750
million stadium across the street from Yankee Stadium, Crain's New
York Business reported Thursday.

Citing anonymous sources close to the deal, Crain's reported on
its Web site that the Yankees plan to announce their intentions
within the next two weeks.

"The Yankees are continuing the planning of a new stadium,"
team president Randy Levine said Thursday in a statement.
"Planning is advancing. There is no date scheduled for any
announcement. When we conclude consulting with the mayor, the
governor, the Bronx borough president and other elected and
community officials -- and when our plans are finalized -- we will
have something to say. There is no timetable for that."

The team will ask for $450 million in public infrastructure
investment to build a hotel and conference center, improve and
increase public transportation to the area and build three new
parks elsewhere in the Bronx, according to the Crain's report.

Under state law, the team must replace the parkland it uses.

The team will likely seek to finance the facility by issuing
tax-exempt Industrial Development Authority bonds and, sources told
the weekly publication, that revenue from the new stadium would
more than pay off the bonds.

The Yankees are looking at a design with about 50 skyboxes,
Crain's reported.

"The city has been talking to the Yankees about a new stadium
for years, but a new facility will have to be built completely with
private money," Ed Skyler, spokesman for New York City Mayor
Michael Bloomberg, said in a statement. "If there is accompanying
investment in public infrastructure, it would have to pay for
itself and wouldn't cost taxpayers a dime."

A tentative agreement to build new stadiums for the Yankees and the New York Mets was announced just before Mayor Rudolph Giuliani left office at the end of 2001. That nonbinding deal, which called for the city and the teams to split the $1.6 billion cost of the
stadiums, was shelved by Giuliani's successor, Bloomberg.