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| Re: Budget Concerns Threaten To Derail Fulton Transit Hub (561770) | |||
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Re: Budget Concerns Threaten To Derail Fulton Transit Hub |
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Posted by Russ on Wed Jan 30 20:38:13 2008, in response to Re: Budget Concerns Threaten To Derail Fulton Transit Hub, posted by Kew Gardens Teleport on Wed Jan 30 19:50:23 2008. The bond financing for the 7 train works because the area was rezoned for 40 million sq.ft. of new commercial and residential real estate. The City was able to get $2 billion in bonds sold because their argument was quantifiable and credible. One of the reasons why the plan is credible is because the demand for more office space in Midtown is real.This type of financing is suitable for any area where the property taxes generated by new real estate development covers the debt service. Unfortunately, this is the only area in New York City where this has worked to date. If this can be replicated in other areas, great! I'll be as happy as anyone else to see more subway construction. I just don't believe that this type of real estate development opportunity will ever be replicated in New York City. |
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