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Thursday, January 31, 2008
What is the worst team in New York City right now? The answer, the New York Knicks. What team in New York City is being targeted and singled out by the New York City Council? What should not come as much of a surprise, the answer is the same, the New York Knicks.
Yesterday, on Wednesday, January 30th, the New York City Council voted forty to three to end Madison Square Garden’s property tax exemption, an exemption that has been in place since 1982. Ironically, while voting to take away the New York Knick’s property exemption, the New York City Council is currently planning on granting tax exemptions to the Yankees, Mets and Nets in packages that are worth over $1.4 Billion.
Whether or not one agrees with granting private corporations tax exemptions, this current scenario, is clearly not right and seems to be based on putty politics.
As stated by Barry Watkins, senior vice president of communications for Madison Square Gardens, “The City Council’s decision to single out Madison Square Garden, an engine of economic activity that provides jobs for New Yorkers, when more than a billion dollars in benefits have been given to the other pro sports teams in New York City, is obviously based on politics, not sound public policy . . .”
All is not lost for the Knicks, as Madison Square Garden’s Tax Exemption battle will now be moving to Albany. Without Albany’s approval, the New York City Council’s vote yesterday is essentially meaningless.
Yesterday, on Wednesday, January 30th, the New York City Council voted forty to three to end Madison Square Garden’s property tax exemption, an exemption that has been in place since 1982. Ironically, while voting to take away the New York Knick’s property exemption, the New York City Council is currently planning on granting tax exemptions to the Yankees, Mets and Nets in packages that are worth over $1.4 Billion.
Whether or not one agrees with granting private corporations tax exemptions, this current scenario, is clearly not right and seems to be based on putty politics.
As stated by Barry Watkins, senior vice president of communications for Madison Square Gardens, “The City Council’s decision to single out Madison Square Garden, an engine of economic activity that provides jobs for New Yorkers, when more than a billion dollars in benefits have been given to the other pro sports teams in New York City, is obviously based on politics, not sound public policy . . .”
All is not lost for the Knicks, as Madison Square Garden’s Tax Exemption battle will now be moving to Albany. Without Albany’s approval, the New York City Council’s vote yesterday is essentially meaningless.
Labels: Politics
