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MSG Tax Exemptions Before City Council Today

new Penn StationToday, the City Council’s Finance Committee will hold a hearing to consider ending Madison Square Garden’s tax exemptions. The Garden has been free from city property taxes – around $11 million to $12 million a year – since 1982. According to the New York Sun, Cablevision says the tax exemption is key to making the Moynihan project – moving MSG into the Farley Post Office – feasible. “Cablevision has indicated that plans to move Madison Square Garden would not go forward unless it was able to take the property tax exemption to a new site,” reports Benjamin Sarlin. Any City Council resolution would require legislation in Albany and the blessings of Assembly speaker Sheldon Silver, who helped Cablevision in the battle over the West Side Stadium.