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PR- 024-04
January 30, 2004


Mayor Michael R. Bloomberg said, "I want to thank President Bush for proposing a five-year extension to the $8 billion Liberty Bond Program, which has already done so much for New York City.  The Liberty Bond Program is a major tool for rebuilding Lower Manhattan and for helping the entire City recover from the devastating impact that September 11th had on our economy.  The use of Liberty Bonds is bringing jobs and investment to New York City. I also want to thank Governor Pataki, New York's Congressional delegation and all the Members of Congress who are supporting this important program that is already having far reaching beneficial effects for all of New York City."

Governor George E. Pataki said, "I have just spoken to Treasury Secretary John W. Snow, and I am pleased to report that at the request of Mayor Bloomberg and myself, President George W. Bush will propose a five year extension of the Liberty Bond Program as part of his upcoming 2005 budget. This program is a vital tool in the continuing effort to rebuild Lower Manhattan.  This program, which is currently set to expire at the end of this year, provides $8 billion in tax-free bonds to finance both commercial and residential projects in New York City, with the priority being Lower Manhattan.  In October, I asked Roland Betts and John Whitehead to assist us in making the case for this extension in Washington, and I want to thank them for their help.  The Liberty Zone Bonds are an integral part of the package of $21 billion of spending and tax provisions that New York received in the months following the September 11th terrorist attacks. The federal dollars and special federal tax breaks New York received in those months have allowed us to begin to implement our vision for our city that is not just rebuilt but fully renewed. In addition to the President, Mayor Bloomberg and I have written to New York's Congressional Delegation asking for their support, and I have contacted Senate Finance Chairman Charles Grassley and House Ways and Means Chairman Bill Thomas, both of whom have pledged to work with us to enact the extension. New York Representatives Amo Houghton and Charles Rangel have introduced the provision in the U.S. House of Representatives, and I would like to thank all these Members of Congress, along with the delegation and the President, for their ongoing support of our efforts to rebuild."


Edward Skyler / Jennifer Falk   (212) 788-2958

Lisa Stoll / Lynn Rasic   (212) 681-4640

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