Your guide to NYC's public proceedings.
Q&A
Financing needs for Western Rail Yards with and without a gaming license
0:59:45
·
49 sec
Council Member Bottcher asks for clarification on the financing needs for the Western Rail Yards project, specifically whether the PILOT (Payment in Lieu of Taxes) would still be needed if a gaming license is awarded. Jeff Blau explains the financing structure.
- The PILOT financing would be needed in both scenarios (with or without a gaming license)
- The PILOT is necessary due to the cross-subsidy to housing
- Taxes from either a commercial building or a gaming resort would be used to offset infrastructure costs
- The infrastructure is required to build housing on the south side of the site
Erik D. Bottcher
0:59:45
Just going back to the financing for a minute.
0:59:49
Just to be clear, if you were awarded a gaming license, would you still seek the pilot, the payment in lieu of taxes, the deferment of taxes in order to finance the platform?
1:00:04
Or would that no longer be needed?
Jeff Blau
1:00:06
Yes.
1:00:07
It's needed in both versions due to the cross subsidy to the housing.
1:00:13
Both the commercial building that would be the non gaming alternative for the North and the gaming resort if that were to proceed.
1:00:22
Those taxes, the resort and or the commercial building, would be utilized to offset the infrastructure required to build the housing on the south side of the site.