NYRA hit with tax warrant
ALBANY, N.Y. -- The New York Racing Association has been hit with a tax warrant for failure to pay $1.125 million in taxes and penalties for admission charges and bets, according to a copy of the warrant.
The tax warrant dated Tuesday and issued by the state involves NYRA's property in Queens, which includes the Aqueduct race track. The warrant states NYRA owes $70,000 in penalties and interest on the delinquent tax bills dating to November and December on two properties.
NYRA is a private organization that operates thoroughbred horse racing in New York at Aqueduct, Belmont and Saratoga race tracks. NYRA has run New York racing on a state franchise since 1955, but the latest extension is to expire Dec. 31, 2007.
NYRA president Charles Hayward said NYRA informed the governor's office it wouldn't pay the November and December tax bill, adding its priority was to first bring stability to the struggling association. NYRA has received $1 million from the state and a $5 million loan from the state Lottery Division as part of a state bailout.
"We've been working with the governor's office, and we're confident that (bailout) is going to go through and as soon as we get that financial relief, we'll deal with this issue," Hayward said.
NYRA is negotiating another $20 million to $25 million package from the state. NYRA also plans to pay tax bills from its video slot machine revenue. Those machines are expected to be providing revenue in the fall.
A tax warrant is publicly filed and secures the state's interest in property. It also can block a land holder from selling the property or taking out loans, and can affect the property owner's credit rating.
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