Statement From New York City Mayor On Senate Finance Committee Approving $2 Billion In Tax Credits For Lower Manhattan Rail Link

Bloomberg Administration’s Priority a Step Closer

September 21, 2007 -- “The approval of this $2 billion in tax credits by the Senate Finance Committee is great news for New York City and for the entire region. These tax credits will fulfill a commitment that the Federal government made to our City in the aftermath of 9/11. I want to thank Senator Schumer for his leadership on this in the Senate and Congressman Rangel for his efforts in the House. Whether through the efforts of our business community – ABNY, REBNY, the Downtown Alliance – or the leadership of our congressional delegation, we have worked cooperatively as a team and across party lines, and I want to thank everyone involved.

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Linking three major business districts – Downtown Brooklyn, Lower Manhattan and Jamaica – with Long Island and JFK will ensure that these areas remain competitive, creating 80,000 permanent jobs and adding $9-$12 billion to our economy annually. A direct rail link will also make it much easier for commuters from Long Island and Queens to get to Lower Manhattan, which will further position New York City to capture future job growth and expand opportunities for residents of those areas. This fits perfectly with our Administration’s PlaNYC objective of ensuring smart transit oriented growth.”

Source: New York City Mayor