Watchdog Thanks State Senate for June 24th Oversight Hearing On Penn Station Redevelopment Financing

Crucial Timing Given Complete Secretiveness of Billions in Likely Subsidies to Vornado,
Unanswered Questions, and July Decision on Penn Station General Project Plan (GPP)

Reinvent Albany thanks Senators Liz Krueger, Leroy Comrie, and Brad Hoylman for scheduling a State Senate oversight hearing on Penn Station Redevelopment for Friday, June 24, 2022 at 10am at 250 Broadway

The timing of this hearing is crucial given Empire State Development’s (ESD) review of the project at its June 30th meeting, when an updated Environmental Impact Statement is expected to be certified. A vote on the General Project Plan could then occur as soon as July, with action by the Public Authorities Control Board shortly after.

There are many questions that remain unanswered about the project’s financing, as highlighted in the NYC Independent Budget Office’s May 2022 report on the Penn Station project. The report importantly noted that ESD has not provided sufficient data regarding the project’s financing, stating that it is “impossible for IBO to evaluate the financing proposal and quantify its impact on the city and state.”

ESD has also not told the public what the developer, Vornado, will receive in state subsidies in the form of discounted Payments in Lieu of Taxes (PILOTs).