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Updated 01/16/2009 10:52 PM

City Agency Approves More Funding For Yankee Stadium

By: NY1 News

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The city's Industrial Development Agency approved another $370 million in tax-exempt bonds for the new Yankee Stadium Friday.

The panel voted 11 to one in favor of the additional funds. There was one abstention.

It has been the subject of two days of heated hearings this week.

The IDA discussed the issue Thursday, and on Wednesday, Yankees President Randy Levine defended the request before a State Assembly hearing.

The team says it needs more money to pay for rising construction costs.

Assemblyman Richard Brodsky has accused the Yankees and the city of working together in illegal secrecy. City Comptroller Bill Thompson has accusing the city of financial incompetence on the project.

City Hall is defending the project, saying the city ultimately getting back more money than it has spent.

City Agency Approves More Funding For Yankee Stadium
Also on Friday, the agency also approved $83 million for construction of the Mets' new Citi Field in Queens. About $615 million has already been approved for the $800 million stadium, and it is expected to be completed later this year.