FOR IMMEDIATE RELEASE
January 10, 2005
MAYOR MICHAEL R. BLOOMBERG PRAISES CITY COUNCIL LAND USE COMMITTEE AND ZONING & FRANCHISES SUBCOMMITTEE ON APPROVING HISTORIC HUDSON YARDS REZONING
"For the past three years, our Administration has worked tirelessly on a bold, multi-faceted plan to transform one of the least productive areas of New York City into a vibrant, transit-rich, 24/7 commercial and residential neighborhood. Today's agreement with the City Council is a win for New York City and it residents in all five boroughs as we can now proceed with those plans to grow the area and strengthen the City's economy with billions of dollars in new tax revenue. Along with the expansion of the Javits Center and the New York Sports & Convention Center, which we hope will be approved next month, the rezoning is expected to generate more than 230,000 permanent jobs and almost 220,000 construction jobs in New York City and more than $60 billion in new tax revenues over the next 30 years.
"The City Council leadership, in particular Speaker Miller and Council Members Quinn, Katz and Avella, have worked collaboratively with the Administration to support enhancements to the plan which now includes more than 24 million square feet of office space over the next three decades; nearly 14,000 units of housing including a tremendous amount of affordable housing; a unique network of open space including a neighborhood park in the Hell's Kitchen South community; and paves the way for the extension of the #7 subway line. Specifically, we have agreed that the City will pay, subject to budget appropriations, interest on Hudson Yards Infrastructure Corporation bonds during the period over roughly the next decade. In addition, the City Council, along with the City Comptroller, have approved and endorsed up to $750 million of Transitional Finance Authority credit enhancement as a cost-reduction technique in the Hudson Yards financing program. Both the Speaker and City Comptroller serve as members of the five person board of directors of the TFA and are expected to vote in support of the use of the TFA's investment powers as a credit support mechanism.
"I want to thank the many city agencies led by the Departments of City Planning and Housing Preservation & Development, under the invaluable direction of Deputy Mayor for Economic Development & Rebuilding Dan Doctoroff, for their countless hours of work and their commitment to this project - probably the most ambitious and far reaching development plan for New York City in over six decades. The discussion about what to do with the Far West side of Manhattan has been going on for 80 years, and at last, we are poised to begin this important task."
Edward Skyler / Jennifer Falk (212) 788-2958