US News

CITY GIVES UP BASEBALL STADIUM LUXURY BOXES

Mayor Michael Bloomberg’s administration is bowing to critics and will forgo luxury boxes at the new ballparks for the Yankees and Mets.

A Bloomberg spokesman said today the city has worked out a deal to get extra money from the Yankees and put that funding toward the community. A similar agreement is being worked out with the Mets for their new park.

Senior Bloomberg aides had fought hard to get the luxury boxes and cited the mayor’s interest in the perks when negotiating with the teams in 2006.

Their battle for the boxes only recently came to light as state and federal lawmakers have investigated how the teams and the city went about making those deals.

The decision to give up the luxury boxes comes as Bloomberg seeks re-election this year and repeatedly cites the city’s enormous budget shortfalls. The city also is preparing for a public hearing next week to discuss additional support for the stadium projects.

Both teams have asked the city for more public bonds to finance their increasingly expensive ballparks, which are expected to be completed this year.

The Yankees are asking for another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.3 billion Bronx stadium.

The Mets are requesting an additional $83 million, after the $615 million already approved for their $800 million Queens park.

The city’s Industrial Development Agency must hold a hearing before granting any additional public support for the ballparks.