New York City Industrial Development Agency (the “Agency”) Public Hearing of September 15, 2016 Public testimony presented and Agency response in connection with refinancing by Yankee Stadium LLC (the “Company”)

The hearing lasted approximately 22 minutes and was attended by approximately 33 individuals from the public. 6 individuals testified in response to the Company’s project.

The Agency received the following supporting testimony. Comment: The New York Yankees have supported the community by donating unused prepared food. Over 12 years the Yankees have donated over 125,000 pounds of food. Syd Mandelbaum, Rock and Wrap it Up

Comment: The Project will result in economic benefits for workers at Yankee Stadium through the application of Living Wage and Prevailing Wage regulations. The Stadium is an economic engine in an area with high rates of poverty and unemployment providing about 2,600 full time equivalent jobs at the Stadium including approximately 900 members of SEIU 32BJ. Joe Aulisio, SEIU 32BJ Comment: Over the last five years the Yankees have supported Citymeals on Wheels’ Mobile Food Pantry which provides supplemental food to 150 elderly South Bronx residents. The program provides over 15,000 additional meals a year. Rachel Sherrow, Citymeals on Wheels

Comment: The Yankees have supported the Kips Bay Boys & Girls Club for the last 20 years. Their support includes providing workshops for the organization’s Culinary Arts program, funding educational and empowerment programs for adolescents, and holding an annual Christmas event for thousands of children. Yankees players and executive management have also assisted in fundraising. Samantha Valerio, Kips Bay Boys & Girls Club Comment: Yankee Stadium is a great environment to work in. It is like a second home. We donate excess food to community members. Lorna Mateo, Concession Stand Manager

Additionally, the Agency received the following testimony. Comment: The savings from the refinancing transaction should be used to finance development on underutilized parking spaces. The parking lots managed by the Bronx Parking Corporation are underused which has a negative impact on the area. David Maisel Staff Response: This project will in no way impact the operations of the Bronx Parking Corporation. The refinancing only impacts the operations at the Stadium.

NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION

PUBLIC HEARING New York City Industrial Development Agency

Fifth Floor 110 William Street, New York, NY 10038 September 15, 2016 10:00 A.M. to 10:22 A.M.

Page 2 September 15, 2016 PRESENT: Johan Salen Executive Director, NYCIDA Executive Director, Build NYC Resource Corporation Carol Hyde-Dawson Legal Department, NYC EDC Jay Lopez Legal Department, NYC EDC Barry Dinerstein NYC Department of City Planning Board Member, EDC Syd Mandelbaum CEO, Rock and Wrap It Up! Joe Aulisio Representative 32BJ SEIU Rachel Sherrow Associate Executive Director & Chief Program Officer, Citymeals on Wheels Samantha Valerio Director of Development, Kips Bay Boys and Girls Club Lorna Mateo Concession Stand Manager David Maisel

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(The public hearing commenced at 10:00 A.M.)

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MR. JOHAN SALEN, EXECUTIVE DIRECTOR,

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NYCIDA; EXECUTIVE DIRECTOR, BUILD NYC RESOURCE

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CORPORATION:

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the public hearing for New York City Industrial

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Development Agency and Build NYC Resource

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Corporation. My name is Johan Salen. I’m the

Good morning everybody. Welcome to

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Executive Director of these two organizations.

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With me I have my two colleagues from the EDC

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Legal Department: Carol Hyde-Dawson and Jay

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Lopez. I also have Barry Dinerstein from City

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Planning, a Board Member. I would like to start

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by opening the hearing for NYCIDA and hand it

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over to Carol.

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MS. CAROL HYDE-DAWSON, LEGAL DEPARTMENT NYC IDA:

Thank you and good morning everyone.

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ALL:

Good morning.

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MS. HYDE-DAWSON:

So for the New York

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City Industrial Development Agency we have one

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project listed, which is Yankee Stadium LLC. If

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anyone would like to give testimony concerning

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this project, please come forward to the podium.

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You will have a maximum of three minutes. Please

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state your name for the record, sir.

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MR. SYD MANDELBAUM, CEO, ROCK AND WRAP

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IT UP!:

My name is Syd Mandelbaum. I am the CEO

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of Rock and Wrap It Up! Rock and Wrap It Up! is

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an award-winning antipoverty think tank. We

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research, develop and find potential sources for

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people that have renewable assets. The history of

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the New York Yankees goes back to a century ago

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and after the 1913 season, they actually became

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the New York Yankees. They acquired Babe Ruth in

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1919 and won their first championship in 1923.

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I’m a scientist. I have devoted my life

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to bettering the human experience on our short

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time on the planet. The history of our two

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organizations goes back to 1990 when I needed a

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stadium to streamline an algorithm I developed to

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help introduce homerun measurement into baseball,

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which I did. Through Babe Ruth, the Yankees and

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the stadium became a homerun celebration across

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all of baseball.

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In 2003 when Rock and Wrap It Up! launched the Sports Wrap! program, the New York

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Yankees were the first baseball team in major

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league baseball to practice planetary conservancy

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and resilience by donating prepared but not

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served food to our organization.

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In over 12 seasons over 125,000 pounds

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of food, translating using our own Whole Earth

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Calculator mobile app, became 104,000 USDA

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sanctioned meal equivalents and 68,000 pounds of

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CO2 reduction. The recovered food has safely fed

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New Yorkers mainly in the Bronx, Queens,

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Manhattan and Westchester.

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They have also been mindful and gracious

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partners to a now rebounded South Bronx

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community. The South Bronx has not only benefited

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from their food donations but thousands of Yankee

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generated jobs have helped raise the local

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standard of living. The Yankees also helped

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inspire other teams in Major League Baseball to

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join the national effort. We now have 26 teams

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across Major League Baseball that follow the

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Yankee model. In fact this year at the Major

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League All-Star Game held in San Diego, we

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recovered 21,000 pounds of food.

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The Yankees have had both on the macro

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and micro level the ability of changing local

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society and national society. And we are very,

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very grateful for the organization to be that

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magnanimous throughout their work. Thank you.

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MS. HYDE-DAWSON:

Thank you, sir. Do you

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have any written testimonies you would like to

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submit?

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MR. MANDELBAUM:

I’m going to give you

--

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MS. HYDE-DAWSON:

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MR. MANDELBAUM:

Okay, great. You’ll also see in here

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a case study that shows how efficacious the

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Yankees are that they have very little food left

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over; so the environment is protected as well.

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MS. HYDE-DAWSON:

Okay, great. Thank you

so much. Thank you.

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MR. MANDELBAUM:

You’re welcome.

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MR. JOE AULISIO, REPRESENTATIVE 32BJ

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SEIU:

Good morning. My name is Joe Aulisio and

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I’m here testifying on behalf of SEIU Local 32BJ.

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Local 32BJ is the largest property service union

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in the country, representing 70,000 building

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service workers across the City and 155,000

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nationwide.

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32BJ members maintain, clean and provide

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security services in schools, residential and

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commercial buildings all across the City. Our

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members also clean, secure and provide various

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maintenance services in arenas like Yankee

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Stadium. One of the most important ways to

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measure the impact of any form of NYCIDA public

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financial assistance is to look at the impact it

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will have on working New Yorkers. That’s why I’m

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here today to testify in support of Yankee

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Stadium’s application.

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The transaction in effect allows the

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Yankees to avail themselves of a lower interest

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rate on their bond financing, while providing

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significant economic benefits for workers at the

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Stadium. Yankee Stadium serves as an economic

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engine in the Bronx. Located in a neighborhood

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facing high rates of poverty and unemployment,

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Yankee Stadium is providing the equivalent of

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over 2,600 full-time jobs. 32BJ members,

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approximately 900 regular and seasonal service

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September 15, 2016 workers are among these workers. Yankee Stadium’s initial PILOT bonds

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were approved in 2006 and 2009. The New York City

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Council passed Law Local 27, which requires

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applicants receiving at least a million dollars

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in financial assistance to pay their building

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service workers the prevailing wage. Also through

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Executive Order Number 7, Mayor de Blasio

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attached living wage requirements to projects

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receiving financial assistance.

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The application of prevailing wage and

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living wage that would come with the bond

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financing for the Stadium will not only ensure

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the wages for service workers remain consistent

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with industry standards but for many workers this

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will result in significant improvement in wages

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and benefits, which will have a measurable impact

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on their lives. 32BJ is enthusiastic to support

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Yankee Stadium and we encourage the NYCIDA Board

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to approve their application. Thank you.

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MS. HYDE-DAWSON:

Thank you so much. And

we have collected written testimony. Thank you. MS. RACHEL SHERROW, ASSOCIATE EXECUTIVE

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DIRECTOR AND CHIEF PROGRAM OFFICER, CITYMEALS ON

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WHEELS:

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I’m the Associate Executive Director at Citymeals

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on Wheels and I thank you for allowing me to

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speak today. Citymeals on Wheels works together

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in a public-private partnership with the City of

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New York to ensure that over 18,000 homebound

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elderly New Yorkers receive meals Monday through

Good morning. My name is Rachel Sherrow.

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Sunday, 365 days a year. One of the highest rates

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of food insecurity is in the South Bronx. And I’m

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talking about one of the highest rates in the

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entire country, in the United States of America.

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So our recipients in that community are more

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needy, more frail, more homebound than some of

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our others.

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We created a program about five years

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ago with the help of the New York Yankees to

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supplement the regular meal, the meal that comes

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every day to these recipients with additional

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food. We call this program our Mobile Food Pantry

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because these recipients are unable to stand on

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pantry lines and schlep the food home. So we’re

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bringing the food directly to their doors, in

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addition to the regular meal they get every day.

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So, it’s a check-in and it’s food that they

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otherwise would not be able to have.

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Without the support of the Yankees, we

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wouldn’t be able to deliver to over 150 of these

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most needy recipients out of the 900 who live in

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the South Bronx over 15,000 additional meals a

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year. We’ve been working in partnership with

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them. We appreciate the support that they give

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back to their community. We have recipients who

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literally live around the Stadium and they can

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see the truck that goes by every day with the

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Yankees logo, which helps to support what we know

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that they do and they give back to their

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community. We are grateful for their support. We

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would love to replicate this program in other

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communities. And we appreciate your support of

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them. Thank you very much.

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MS. HYDE-DAWSON:

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MS. SHERROW:

Thank you.

I do not have written

22

testimony but I can send something.

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MS. HYDE-DAWSON:

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MS. SHERROW:

Okay, great.

Thank you.

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MS. HYDE-DAWSON:

Thank you so much.

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MS. SAMANTHA VALERIO, DIRECTOR OF

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DEVELOPMENT, KIPS BAY BOYS AND GIRLS CLUB:

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morning. My name is Samantha Valerio and I

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represent the Kips Bay Boys and Girls Club. It’s

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a 100-year-old organization that serves 10,000

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children in the Bronx. For the last 20 years,

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we’ve enjoyed a longstanding and fruitful

Good

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relationship with the New York Yankees. As a

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community partner, the New York Yankees have

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hosted thousands of children at Yankee Stadium,

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giving many of our children their first

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experience at a baseball game.

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They provided an educational workshop

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for youngsters in conjunction with Legends

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Catering during and supporting our Culinary Arts

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program. They funded a bevy of educational and

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empowerment programs, especially for our teen

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population. They’ve donated the time of their

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players and executive management from Jennifer

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Steinbrenner and Brian Cashman to on-field

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personnel for the purpose of assisting us in

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fundraising for our many nationally renowned

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September 15, 2016 youth development programs. They’ve also provided various platforms

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for our chorus group to perform, from on-field

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national anthem experiences to their annual

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Christmas extravaganza that they conduct for

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thousands of children in the community. Overall,

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it’s been a community partnership that epitomizes

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collaboration, good will and the empowerment of

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all the children that we serve in the South

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Bronx. It’s our opinion that this partnership

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should be held as the gold standard for all

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community partnerships; so as a result the good

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people of this great City can experience a more

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rich and robust life and life experience.

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Kips Bay fully supports this project.

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And we want to thank the New York Yankees for

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their commitment, not only to the Kips Bay Boys

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and Girls Club but to the City that they play in

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and that they represent. Thank you.

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MS. HYDE-DAWSON:

Thank you so much.

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Thank you. Written testimony submitted. So, we

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have another name listed here for testimony and

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that’s Lorna Mateo.

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MS. LORNA MATEO, CONCESSION STAND MANAGER:

Good morning.

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MS. HYDE-DAWSON:

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MS. MATEO:

Good morning.

My name is Lorna Mateo. I

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work in Yankee Stadium six years ago now. I’ve

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been a stand manager there for over four years.

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It’s been overall very nice, confident and I feel

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like it’s my second home. We give out the food we

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have at the night. We give it out to the

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warehouse. They give it out to the people in the

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night. It’s been joyful. It has the ups and downs

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but overall I like it there. It’s really good to

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work on. It’s a great environment. It’s different

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people but it’s good at the same time. I don’t

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know what else. It’s a great place for me. It is

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my opinion and I like it there. Thank you.

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MS. HYDE-DAWSON:

Great. Thank you so

much. Do you have written testimony to submit?

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MS. MATEO:

No.

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MS. HYDE-DAWSON:

No? Okay, great, thank

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you. If anyone else would like to give testimony

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concerning this project, please come forward to

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the podium. You’ll have a maximum of three

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September 15, 2016 minutes. Going, going. MR. DAVID MAISEL:

Will there be a

4

question and answer period or if someone has a

5

question later?

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MR. SALEN:

No. This is an opportunity

for the public to provide comments to the Board. MR. MAISEL:

Good morning. My name is

David Maisel. I’m just an individual. There have

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been press reports that as part of this refunding

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and refinancing that a certain amount of the

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money would go towards perhaps building some

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subsidized public housing and/or a hotel in the

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area. And there are 11 parking lots in a

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disjointed way.

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And I was wondering if there’s any

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discussion or information about money coming from

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the LLC organization of the savings and the

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refunding to perhaps go back and work with the

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Bronx Parking Authority, which has a 99-year

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lease? A portion of the facilities are unused

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because attendance is way down and that’s

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particularly blighted in that area. And it would

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seem to me that this agency would have a strong

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interest in working with the Yankee organization,

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the Bronx Parking Authority to clean up the area

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and to enable the Bronx Parking Authority to

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perhaps straighten out its finances.

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So I had a question but I’ve never been

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to a public hearing before of this nature. And I

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didn’t know if there’s anybody from the Yankee

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organization, the Bronx Parking Authority, who

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may well be here; the public underwriters of the

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bonds, who might clarify this? And it would seem

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to be in the public nature on there. There were

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some discussions before as reported in the Daily

14

News and the Post about a year-and-a-half ago

15

about the possibility of putting in a soccer

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stadium, about the possibility of putting in a

17

hotel.

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And it would seem to be incumbent upon

19

this Board to make it perhaps a requirement in

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the refinancing proposal that they use some of

21

the savings to clean up the area and make that

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part of the Bronx a much more livable and

23

rejuvenated area. And again, I don’t know if

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anybody can provide any public information about

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September 15, 2016 this?

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There was an article in the New York

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Post several months ago. But it’s sort of the

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elephant in the room, which nobody talks about

6

here, with the Bronx Parking Authority, which is

7

a separate entity here. But certainly it’s

8

directly reflected by the interests of the New

9

York Yankees, New York City and this Board. Thank

10

you. I do not have any written testimony. I

11

didn’t realize, I thought there might be a Q&A.

12

Thank you, ma’am.

13

MS. HYDE-DAWSON:

14

MR. SALEN:

Alright.

Thank you very much. Just

15

for clarification, this is in regards to the bond

16

transaction for the Stadium itself. It has

17

nothing to do with parking or anything that’s

18

been written about parking in the newspapers.

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MS. HYDE-DAWSON:

Okay. Thank you so

20

much. If we have someone else in the room that

21

would like to give testimony concerning this

22

project, the Yankee Stadium LLC, please come

23

forward to the podium. You’ll have a maximum of

24

three minutes. If there are any written

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testimonies to be submitted, please bring them

3

forward. No additional testimonies, written

4

testimonies submitted. So, I’ll pass the

5

proceedings over to Johan to close out.

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MR. SALEN:

Thank you very much, Carol.

7

With that, we conclude the hearings for New York

8

City Industrial Development Agency.

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(The public hearing for NYCIDA concluded at 10:18 A.M.)

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Page 18 September 15, 2016 CERTIFICATE OF ACCURACY

I, Lea Simmons, certify that the foregoing transcript of NYC Industrial Development Agency on September 15, 2016 was prepared using the required transcription equipment and is a true and accurate record of the proceedings.

Certified By

Date: September 16, 2016

GENEVAWORLDWIDE, INC 256 West 38th Street - 10th Floor New York, NY 10018

Geneva Worldwide, Inc. 256 West 38 t h Street, 10 th Floor, New York, NY 10018