The Metropolitan Transit Authority (MTA), in desperate need of infrastructure improvements, now faces a whopping $33 billion capital plan shortfall.
The New Yorkers who rely on mass transit each day are counting on Albany to find a solution.
The MTA stands to gain $1.5 billion in revenue through the awarding of up to three downstate casino licenses by the end of 2025; each selected bid will pay at least $500 million to the state. The license fees are a one-time cash infusion, and it is essential that the state Gaming Commission adheres to this timeline.
Only one casino proposal – Hudson Yards West – provides a significant and recurring revenue stream on which the MTA can rely, providing more than $2.7 billion to the MTA.
Hudson Yards has paid over $1 billion to the MTA to date from ground rent, fee title acquisition, taxes and more.
Hudson Yards West is projected to pay the MTA over $2.7 billion through rental payments, dedicated sales taxes and other revenue streams as a direct result of construction on the MTA’s rail yard property.
At the state’s discretion, potential areas for system investment include:
Building the Interborough Express connecting Brooklyn and Queens.
Expanding the long-awaited Q Line into East Harlem.
Replacing up to 1,500 subway cars that have been in operation since the 1980s.
In the face of significant unpredictability when it comes to federal funds – including the future of the already scaled-back congestion pricing program – the MTA needs a sustained, reliable revenue stream.
Hudson Yards West represents a once-in-a-lifetime opportunity to ensure a sustainable, safe and state-of-the-art transit system for years to come.
This $12 billion proposal from Related Companies/ Oxford Properties Group and Wynn Resorts will bring:
35,000 union construction jobs during development
$2.7 billion for the MTA and our subway systems
Significant support for local community organizations
A new neighborhood public K-8 school and daycare center
A world-class casino and resort with 5,000 permanent union jobs
Hundreds more affordable apartments (300+) to complete the 1,100 total affordable units originally committed at Hudson Yards
A plan for safer and cleaner streets in the surrounding neighborhoods
A 5.6-acre public, green park — the size of Bryant Park — that provides additional access points to the High Line and Hudson River Park
Learn more at hudsonyardswest.com.
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