After lawmakers called for a halt on the Penn Station and Midtown redevelopment project until several questions about funding were answered, the state responded that the hefty, multi-billion price tag would be offset in part by revenue from the project.
A rendering of what the new Penn Station concourse could look like, sent a letter last week to state lawmakers in a bid to quell concerns about the multi-billion dollar project's financing.on the Penn Station project, which includes a new 450-foot concourse for the station and 10 new mixed-use skyscrapers, until several questions about funding were answered.
“The City would be made whole for existing property taxes, adjusted annually, in the Project Area,” Knight wrote in the letter. “It is not too paranoid to surmise that the state is contemplating some sort of temporary gap payment to the city, especially as it also says PILOTs [Payments In Lieu of Taxes] to be paid would be comparable to other Midtown West properties. Does that mean Hudson Yards?” Gelinas said.from the PILOT program, which allows developers to avoid paying city taxes by paying a fee to the state.
“I think there’s more information that we’re going to want to see before we think the project should proceed,” Hoylman said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sean Penn Appears on Both Fox News and MSNBC to Advocate for Ukraine“Ukrainians will win this,” the Oscar winner said on the politically opposed platforms, both of which he visited in a single night.
Read more »
Penn Law students react to historic confirmation of Judge Ketanji Brown Jackson'To have someone who looks like me be represented in the Supreme Court Justice is life-changing,' said Penn law student Chayla Sherrod on the historic confirmation of Judge Ketanji Brown Jackson.
Read more »
Apple can now fix Face ID on the iPhone X without replacing the whole device | EngadgetApple now offers Face ID repairs for the iPhone X without having to replace the whole phone..
Read more »
Vegas really hates the Giants' World Series chancesIf the Giants do win the World Series, Vegas sportsbooks are going to lose a whole lot of money.
Read more »