Citi Field is a stadium located in Flushing Meadows–Corona Park in the New York City borough of Queens. Completed in 2009, 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 1964 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.[8][9] 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.