[quote]January 10, 2005, 6:20 PM EST
NEW YORK -- The City Council and the mayor on Monday reached an agreement on redeveloping the area adjacent to the proposed west side stadium that presents a modestly scaled-down version of the massive plan.
The agreement reduces the amount of office and retail space in the Hudson Yards redevelopment plan from about 26 million square feet to 24.2 million square feet, though a few of the planned commercial buildings could still rise as high as 60 stories in the area, which stretches from just west of midtown Manhattan to the Hudson River.
The agreement also increases the number of affordable housing units in the plan from 2,300 to about 3,300 of the 13,600 new units.
The modified plan also calls for the city to borrow $3 billion instead of $4 billion in long-term bonds and short-term debt and prohibits the city from using any of that money on a sports stadium, which would be next to the redeveloped area.
The city will now pay up to $162 million annually in interest on its debt beginning next fiscal year, which starts July 1. The previous plan had not required the city to pay interest on the money it borrowed for at least 14 years.
The City Council is expected to formally approve the agreement later this month.
While city officials took pains Monday to deny any link between the Hudson Yards redevelopment and the stadium, the agreement boosts plans for the proposed $1.4 billion stadium for the New York Jets _ although no funds from the redevelopment can be used for the stadium. The stadium also is the centerpiece of the city's plan to win the 2012 Olympic Games.
Mayor Michael Bloomberg's administration estimates the Hudson Yards redevelopment would generate $60 billion during the next 30 years.
"The west side development is probably the single most important economic project that this city has undertaken in decades," the Republican mayor said Monday.
He said the project would create office space, create jobs "in communities where at the moment they are having tough times" and revitalize a part of Manhattan that has businesses "but could be much better used."
Despite Monday's agreement, City Council Speaker Gifford Miller, a probable Democratic mayoral candidate, used his strongest language to date about the stadium.
"I'm opposed to it," he said. "Some of the council members are for it. Those of us that are opposed to the stadium will fight the stadium and will continue to fight on that matter."
Because the City Council has no formal authority to approve or reject the stadium, Miller was asked why he did not use the council's leverage regarding the redevelopment to try to influence the stadium.
"We're not going to cut off our nose to spite our own face," Miller responded.
[/quote]
jake · 2005-01-11
[quote]January 10, 2005, 6:20 PM EST NEW YORK -- The City Council and the mayor on Monday reached an agreement on redeveloping the area adjacent to the proposed west side stadium that presents a modestly scaled-down version of the massive plan. The agreement reduces the amount of office and retail space in the Hudson Yards redevelopment plan from about 26 million square feet to 24.2 million square feet, though a few of the planned commercial buildings could still rise as high as 60 stories in the area, which stretches from just west of midtown Manhattan to the Hudson River. The agreement also increases the number of affordable housing units in the plan from 2,300 to about 3,300 of the 13,600 new units. The modified plan also calls for the city to borrow $3 billion instead of $4 billion in long-term bonds and short-term debt and prohibits the city from using any of that money on a sports stadium, which would be next to the redeveloped area. The city will now pay up to $162 million annually in interest on its debt beginning next fiscal year, which starts July 1. The previous plan had not required the city to pay interest on the money it borrowed for at least 14 years. The City Council is expected to formally approve the agreement later this month. While city officials took pains Monday to deny any link between the Hudson Yards redevelopment and the stadium, the agreement boosts plans for the proposed $1.4 billion stadium for the New York Jets _ although no funds from the redevelopment can be used for the stadium. The stadium also is the centerpiece of the city's plan to win the 2012 Olympic Games. Mayor Michael Bloomberg's administration estimates the Hudson Yards redevelopment would generate $60 billion during the next 30 years. "The west side development is probably the single most important economic project that this city has undertaken in decades," the Republican mayor said Monday. He said the project would create office space, create jobs "in communities where at the moment they are having tough times" and revitalize a part of Manhattan that has businesses "but could be much better used." Despite Monday's agreement, City Council Speaker Gifford Miller, a probable Democratic mayoral candidate, used his strongest language to date about the stadium. "I'm opposed to it," he said. "Some of the council members are for it. Those of us that are opposed to the stadium will fight the stadium and will continue to fight on that matter." Because the City Council has no formal authority to approve or reject the stadium, Miller was asked why he did not use the council's leverage regarding the redevelopment to try to influence the stadium. "We're not going to cut off our nose to spite our own face," Miller responded. [/quote]City/Mayor Reach Deal