Citi Field is a stadium located in
Flushing Meadows–Corona Park in the New York City borough of
Queens. Completed in , it is the home
baseball park of
Major League Baseball's
New York Mets. Citi Field was built as a replacement for the formerly adjacent
Shea Stadium, which opened in next to the site of the
1964–1965 World's Fair. Citi Field was designed by
Populous (then HOK Sport), and is named after
Citigroup, a New York financial services company which purchased the
naming rights. The $850 million baseball park was funded with $615 million in public subsides, including the sale of New York City
municipal bonds which are to be repaid by the Mets plus interest. The payments will
offset property taxes for the lifetime of the park. The Mets are receiving $20 million annually from Citibank in exchange for naming the stadium Citi Field. The entire public cost is being borne by city and state taxpayers in New York.