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NEW YORK CITY-The New York City Industrial Development Agency have paved the way for two stadium projects here to move forward. It has given preliminary approval for financing assistance for the New York Yankees' and New York Mets' stadium efforts. In total, IDA will issue about $930 million in tax-exempt and taxable bonds for the Yankees and approximately $632 million in tax-exempt and taxable bonds for the Mets. For previous GlobeSt.com coverage on this issue, click here.

The repayment structure for the tax-exempt bonds will be submitted to the City Council for approval. "The Yankees and Mets are tremendous assets of New York City," says IDA chairman Andrew M. Alper. "Both projects are part of larger, area-wide revitalization plans--the Yankees in the South Bronx and the Mets in Flushing near Willets Point--that will help increase the economic vibrancy of the neighborhoods and create valuable jobs."

IDA will issue about $930 million in tax-exempt and taxable bonds to build the new stadium for the Yankees. Of that amount, $866 million is expected to be in tax-exempt bonds and $64 million in taxable bonds. The bonds will be repaid solely from payments made by the Yankees. The tax-exempt bonds will be payable from Payments In Lieu Of Taxes or PILOTs, a structure that will be submitted to the City Council for approval. The taxable bonds will be payable from rent payments. IDA also intends to use exemptions from real property tax, mortgage recording tax and sales tax in connection with the project.