The Yankees ballpark, planned to open in 2009 next to its current home in the Bronx, is expected to cost more than $1 billion, with the city and state providing more than $200 million. The Mets stadium, to be built on what is now part of the parking lot of Shea Stadium in Queens, is predicted to cost about $800 million, of which the city and state will contribute about $165 million.
The teams will pay the remainder of the costs, financed through both taxable and tax-exempt bonds. The Yankees and Mets plan to make "payments in lieu of taxes,'' or PILOTs, to pay off the tax-exempt bonds - which is essentially what the council voted to allow Wednesday.
The taxable portion of the bonds will be paid in the form of lease or rental payments.
"It's a win-win for the city of New York and it's a win-win for the Mets and the Yankees,'' said City Councilman David Weprin, who is finance chairman.
