For the first time, the state Senate will get a chance to ask the organizers behind the Penn Station redevelopment how the project will be paid for, and if it’s even worth doing.
Rendering of the Penn Station's interior after reconstruction.The massive plan to modernize Penn Station and redevelop the surrounding midtown Manhattan neighborhood is quickly taking shape with Gov. Kathy Hochul issuing a request for design proposals. But the state has yet to answer one key question: how to pay for the project.on the project with the finance and cities committees.
"My goal is to provide oversight and gain additional perspective on outstanding challenges, potential challenges, and contingency plans,” Comrie wrote in a statement to Gothamist. “I believe the timelines, finances, and underlying assumptions of the plans all deserve our attention.” Since last year, when Hochul took on the project launched under former Gov. Andrew Cuomo, she’s insisted it would cost $7 billion and take up to five years to complete.
“We don’t have a financing plan that tells us exactly how much money the development is going to generate, exactly how much money the federal government can provide, and exactly how much the state will provide,” said Rachael Fauss, senior research analyst with the good government group Reinvent Albany. “We don’t have a clear financing plan and that’s exactly why this hearing is so necessary to answer those questions.
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