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Q&A
Discussion on Willets Point development capital commitments
1:36:56
·
79 sec
Council Member Farías questions the front-loaded nature of the capital commitment plan for Willets Point development. Andrew Kimball explains the current status of the project and the rationale behind the capital allocation timing.
- Kimball details that the housing in phase one is already under construction, and phase two infrastructure work is ongoing.
- He clarifies that the near-term capital needs are due to active spending on the project.
- The discussion reveals that there is currently no additional capital funding allocated beyond phase two of public infrastructure for Willets Point.
Amanda Farías
1:36:56
262,000,000 in the first five years of the capital commitment plan with just 10,000,000 committed in the latter half of the plan period.
1:37:05
Why is the plan so front loaded for these projects?
1:37:08
What will these capital commitments support in the Willis Point development?
Andrew Kimball
1:37:12
Yeah.
1:37:13
So we're constantly working with OMB to line up our capital needs in the year that they actually happen.
1:37:20
And so that means that capital funds may be laid out over a number of years.
1:37:25
There may be an instance in which we don't need the money, you know, say until 2027.
1:37:30
So the money starts in '27, goes '28, '20 '9.
1:37:34
In the case of Willett's Point, that project is actively the housing is coming out of the ground in phase one.
1:37:41
We already did phase one infrastructure.
1:37:43
We're doing phase two infrastructure right now.
1:37:46
And the stadium is coming out above ground on a portion of phase two.
1:37:52
So the reason we need that in the near term years is we're actually literally spending it right now.
Amanda Farías
1:37:58
Okay, great.
1:37:59
And what about the additional phases and the funds?
Andrew Kimball
1:38:03
So beyond phase two of public infrastructure funding for WILLETZ, I do not believe there is other capital fund allocated as of now.
1:38:15
Okay.