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NEW YORK — The Penn Station enlargement venture is transferring ahead.
The Empire State Improvement Board permitted the plan that might rework Penn Station and redevelop the realm round it.
Earlier this week, Gov. Kathy Hochul and Mayor Eric Adams introduced a funding settlement for the $8 billion venture. It requires 10 towers to be constructed that might create new business and residential buildings across the station.
RELATED STORY: Gov. Kathy Hochul on new plans to renovate Penn Station: “Our residents deserve higher”
The plan will present an estimated $1.2 billion in tax breaks to builders.
“This venture has not solely nice advantages for town of New York, however definitely your complete metropolitan area, so it’s extremely thrilling,” mentioned Kevin Legislation, chairman of Empire State Improvement.
Reinvent Albany, a authorities watchdog group, object to the deal over what it calls a scarcity of transparency. The group calls on the Public Authorities Management Board to not approve the deal when it meets subsequent Wednesday.
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