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New baseball stadiums.
The U.S.A. Internal Revenue Service approves a New York City plan to lead $1.5 billion of tax to build new stadiums for Yankees and Mets. The long-anticipated ruling follows the approval of the financing package by the New York City Industrial Development Agency, took place at July 11. It allows the city to sell the debt next month. “I am glad the IRS confirmed we could help make these projects happen by authorizing tax-exempt bonds, the result of which actually will mean increased tax revenue for New York City,'” the development agency interim chairman, Joshua J. Sirefman, declaimed in a statement. The Yankees baseball team will get about $920 million dollars in low-interest tax-exempt bonds and about $25 million dollars in taxable bonds to build its modern stadium. It will be raised in the Bronx, north of the existing Yankee Stadium.
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