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FOR IMMEDIATE RELEASE
PR- 036-06
February 1, 2006

MAYOR MICHAEL R. BLOOMBERG APPLAUDS CITY COUNCIL ON APPROVING GATEWAY CENTER AT BRONX TERMINAL MARKET

"For the past four years, our Administration's economic development strategy has been centered on one primary goal - to create new jobs in all five boroughs.  From our vision for the Hunts Point Peninsula to the redevelopment plan for Yankee Stadium, extraordinary economic opportunities are being created across the Bronx.  Today's agreement with the City Council to allow the redevelopment of the Bronx Terminal Market is an enormous victory for all of New York City, and an especially gratifying one for the people of the South Bronx, who have suffered some of the highest unemployment rates in the City for too many years.

"The Gateway Center at the Bronx Terminal Market is a vital economic development project that will bring almost $400 million in investment to the South Bronx, produce thousands of new jobs for local residents, and create a safer and stronger quality of life for the families who live there.  The project will keep shopping dollars in the Bronx that are flowing to New Jersey and Westchester, and create new open space along the Harlem River.

"At the same time, the Administration stands committed to helping the market's current tenants stay in business.  We believe the generous assistance package developed jointly by the City, the Bronx elected officials and the project's developer, the Related Companies - which was recently increased to $10 million from $8 million - will assist the market's tenants to move to cleaner and safer locations.

"I want to thank the Bronx delegation led by Councilman Joel Rivera and Councilwoman Maria Del Carmen Arroyo, and Borough President Adolfo Carrion for working tirelessly with the Administration to make sure this project is of the highest caliber.  I am pleased Related was able to reach such a sweeping Community Benefits Agreement that will go a long way toward meeting the community's needs.  And I want to thank President Andy Alper and his staff at the Economic Development Corporation for leading this extraordinary effort for the City.  The discussion about what to do with the deteriorating Bronx Terminal Market has dragged on for almost 30 years, and, at last, we are ready to witness a new era in the South Bronx."







MEDIA CONTACT:


Stu Loeser/Jennifer Falk   (212) 788-2958




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