Your guide to NYC's public proceedings.
PRESENTATION
New housing plan and financing mechanism for Western Rail Yard
0:33:44
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74 sec
In response to community feedback, the presentation introduces a new housing plan and financing mechanism for the Western Rail Yard project. This plan significantly increases the number of residential units while addressing the infrastructure costs.
- Increase in housing units from the original plan to up to 4,000 apartments on-site.
- Replacement of a planned office building at 30th Street and 11th Avenue with two additional residential towers.
- Introduction of a financing mechanism similar to the one used across the street, using the project's future incremental taxes to fund a portion of the infrastructure costs.
- The plan works with or without the gaming resort, ensuring long-term development potential regardless of the state gaming commission's decision.
Jeff Blau
0:33:44
To make up for the funding that the office building was contributing to platform costs and payments to the MTA, we are looking to replicate a financing mechanism that has proven successful just across the street.
0:33:57
Using the project's future incremental taxes to fund a portion of the infrastructure.
0:34:02
Next slide, please.
0:34:05
This graphic illustrates that plan graphically, transforming property taxes created by this platform into platform infrastructure funding that enables up to 4,000 residential units on the south side of the site.
0:34:19
Next slide, please.
0:34:21
Specifically, we would revert back to the existing zoning for the site at Thirtieth Street and Eleventh Avenue, which you can see here in this slide.
0:34:29
Next slide, please.
0:34:31
Importantly, this plan for additional housing and pilot funding works with or without the gaming resort, and your decision on this application is intended to set up the site for long term development regardless of the future decision by the state gaming commission and community and the CAC.
0:34:50
Next slide, please.
0:34:52
Here is a view from Eleventh Avenue looking west today.
0:34:57
Next slide.