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Who'll Really Pay For What In Cuomo's New $105M Islanders LIRR Station Plan?

Gothamist Tuesday, 9 July 2019 ()
Who'll Really Pay For What In Cuomo's New $105M Islanders LIRR Station Plan?The New York Islanders owners' plans for a new billion-dollar-plus arena complex alongside Belmont Park in Nassau County took a major lurch forward on Monday, as Gov. Andrew Cuomo announced his intent to build the Long Island Rail Road station that local elected officials had been demanding as a condition of approving the project. But while the governor initially announced that private developers would cover almost the entire cost, the actual financing plan is far more convoluted: The state will front a large chunk of the $105 million construction bill, then get repaid without interest over 30 years—a mechanism that could end up leaving taxpayers on the hook for upwards of $40 million of the new station's cost. [ more › ]
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Credit: CBS 2 New York - Published < > Embed
News video: Plans For New Year-Round LIRR Station At Belmont Park

Plans For New Year-Round LIRR Station At Belmont Park 00:22

Gov. Andrew Cuomo says a new train station will help commuters and boost business near Belmont Park.

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