More twists lie ahead.
The Public Authorities Control Board approved the financing scheme for a massive redevelopment project that includes revitalizing Penn Station.The Public Authorities Control Board approved the financing scheme for a massive redevelopment project that includes revitalizing Penn Station.A key state oversight body approved the financing plan to redevelop Penn Station and its surrounding neighborhood Wednesday, greenlighting one of Gov.
State Sen. Leroy Comrie of Queens, who had been critical of the project, spoke briefly before affirming his cautious support. The approval of the PILOT funding comes despite the board not having an exact figure for how much in fees the developers would pay. “Instead of voting on an actual financing plan with actual dollars, the PACB chose to ‘approve’ a non-binding, framework agreement which includes no dollar figures. Under the law, it is not the PACB’s job to approve non-binding, framework agreements. So what does this vote mean and why did they do it?” John Kaehny, executive director of Reinvent Albany, said in a written statement. “We think this vote means nothing legally, but a lot politically.
“I’m saying office towers are not necessary in that area,” she said. “If we want this Penn Station project to be about Penn Station, that should be the main focus.”