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State taxpayers giving billionaire couple in Buffalo over $850 million without strings attached

Mar 30, 2022 2:02 pm

As state lawmakers rush to complete the budget by the April 1 deadline, Shalise Manza Young at Yahoo Sports reports that New York taxpayers will provide the largest amount of public monies ever given to finance a stadium for a privately owned team. New York State is state giving $600 million in taxpayer funds, and Erie County is adding a $250 million gift to Terry and Kim Pegula, the Buffalo Bills owners who are reportedly worth $5.8 billion. And while anyone applying for public assistance such as welfare or food stamps must meet certain requirements to receive public money, in this case, the $850 million in taxpayer funds comes without conditions. And it also comes as Gov. Kathy Hochul's proposed budget cuts $800 million from Children and Family Services. And New York is actually giving more to the billionaire sports team owners. New York will also pay almost $7 million a year for 15 years in maintenance costs and add $6 million a year for the full 30 years to a capital improvement fund for the Buffalo stadium. While the taxpayers owns the stadium, the Pegulas get all the money from naming rights. Currently, that's $6 million a year Highmark Health pays the couple to have its name on the stadium. Read more about this story at Yahoo Sports.

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