the city and state agree on penn:
NYC and state officials agree on how to pay for Penn Station redevelopment deal
BY STEPHEN NESSEN AND DAVID CRUZ
PUBLISHED JULY 18, 2022
Mayor Eric Adams and Gov. Kathy Hochul announced Monday that the city is on board with the state’s plan that allows developers to build 10 skyscrapers in Midtown Manhattan and use money from leases toward the massive renovation of Penn Station and its surrounding neighborhood.
The agreement comes ahead of a key vote by the state entity charged with approving the financial terms of the deal along with the scope of the project. It also comes amid ongoing scrutiny of the project that’s largely been viewed as lacking any financial transparency.
Under the terms, the city will receive fees in place of taxes on the Midtown properties being developed as part of the project, with annual 3% increases. The city and state say this arrangement can last upwards of 80 years or until the project fees are paid off, but it still doesn’t outline how much the fees would be.
The project calls for nine office buildings and one residential property, making it one of the state’s largest redevelopment projects.
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https://gothamist.com/news/nyc-and-s...velopment-deal