Share this article

print logo

STATE DEVELOPMENT PANEL OKS STADIUM PROPOSAL

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.

There are no comments - be the first to comment