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Originally Posted by TeddyRex
Regardless, NYRA owns the land, buildings, improvements that are involved. They have been paying taxes on such for years with NO tax breaks whatsoever. NYRA obviously has made somebody mad enough to try to whack them.
I believe that the bankruptcy filing by NYRA was a defensive position to protect their assets (the tracks). This battle is far from over. Unfortunantly, New York racing is going to take the brunt of the damage, as is the entire industry.
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I am not disputing that NYRA owns the land. Actually, I don't have an opinion either way as I have never seen any documentation supporting either side's arguement or position. However, the mere act of paying the taxes, well, that does not constitute ownership. There are many arrangements, agreements, etc. where a non-owner can and does pay taxes.
I did read one article, I don't remember who wrote it -- but he was an attorney -- that explained NYRA's arrangement with the State of NY was a "life estate", however there was some sort of arrangement as to what would happen with the land at the end of the term certain on the life estate, or the franchise -- I do remember which. I wish I had the article or could find it, but regardless, it was a good one.
Eric