The state's economic development authority on Thursday unanimously approved a plan for a sports stadium and convention center, part of a massive redevelopment of Manhattan's far West Side.
Following the vote, the Empire State Development Corp. said it will hold a public hearing within the next month followed by a 30-day public comment period.
The stadium, which would be home to the New York Jets and play a role in the city's bid for the 2012 Olympics, would cost roughly $1.4 billion, with $800 million expected to come from the Jets, $300 million from the city and $300 million from the state, said Empire State Development Corp. Chairman Charles Gargano.
The public funds will come from a series of bonds issued by a local development corporation formed by the city and the state. The city also plans to issue about $400 million in tax-exempt bonds to the Jets; the team would have to repay them.
The Jets hope to begin construction next spring and open the stadium in 2009, but several hurdles and approvals remain.