[NYguy]

https://www.northjersey.com/story/ne...n/72948656007/

Here's how New York City has agreed to help fund a new Port Authority bus terminal


Colleen Wilson
March 12, 2024

New York City has agreed to a financial arrangement with the Port Authority of New York and New Jersey to help pay for the new $10 billion Port Authority Bus Terminal.

A payment in lieu of taxes, or PILOT, plan will send up to $2 billion to the Port Authority — depending on how many commercial developments are built — over 40 years to help finance the reconstruction plans of the world's busiest terminal that is badly in need of a makeover, according to an announcement from the Port Authority, New York City and New York State.

“Our agreement with the city to provide a portion of the financing toward a new Midtown Bus Terminal will allow the Port Authority to move forward with a project that will generate economic benefits for our entire region while improving the quality of life in the community where the terminal is located," said Kevin O'Toole, chairman of the Port Authority.

Construction could begin this year

The bistate agency has proposed rebuilding the 73-year-old facility that will completely reimagine the current terminal space, add an additional facility to stage and store buses, rebuild the ramps that connect to the Lincoln Tunnel, build as many as three new developments above the terminal or near it and add public green space. Construction could start as soon as this year.

In addition to the PILOT, the Port Authority is seeking a $1 billion federal loan. The rest is expected to be paid for by the agency.

Similar PILOT arrangements with the city have been used to finance other projects, including Moynihan Train Hall, another interstate transit hub in midtown, and Hudson Yards with the hopes of reviving neighborhoods through new development and investment.

https://www.amny.com/transit/port-au...e-development/

Hochul, Adams agree to finance new Port Authority Bus Terminal through office development


By Ben Brachfeld
March 12, 2024

The pair said they had agreed to commit 40 years of property tax revenue from three potential office developments in Midtown to finance the new $10 billion bus terminal, a plan for which the Port Authority unveiled last month to replace the existing 73-year-old eyesore. The PILOTs would raise an estimated $2 billion, about 20% of the total project cost, which is less than the $2.5 billion the Port Authority said it sought from the developments in February.

Two of the three buildings would sit atop the reconstructed terminal at 8th Avenue and 42nd Street, while another would be built nearby on Port Authority-owned land “subject to market demand.”

https://www.panynj.gov/port-authorit...e-agreeme.html

Governor Kathy Hochul, New York City Mayor Eric Adams and the Port Authority of New York and New Jersey today announced a new agreement to support the $10 billion replacement and expansion of the 73-year-old Port Authority Bus Terminal in Midtown Manhattan.

Recognizing the importance and catalytic potential of the project, the city has committed 40 years of tax revenue — expected to help the Port Authority raise an estimated total of up to $2 billion, 20 percent of the project cost — from three potential new commercial developments on three sites, two of which will be positioned atop the new bus terminal and the third to be built at a nearby site owned by the Port Authority and private owners, subject to market demand.