Plan for Stadium approved

Empire State Development Corp. Chairman Charles A. Gargano announced that the board of directors of ESDC at a meeting today adopted a general project plan for the new New York Sports and Convention Center.

This plan could transform the underutilized West Side, grow New York's convention industry and possibly generate more than $1 billion in city and state tax revenue, 7,287 construction and 5,685 new permanent jobs.

This board approval follows Governor Pataki and Mayor Bloomberg's announcement of a State-City Memorandum of Understanding to create a Convention Corridor on Manhattan's West Side. The Convention Corridor includes expansion of the Jacob K. Javits Center, and the creation of a the New York Sports and Convention Center, a new multi-purpose facility that will double as a 75,000-seat stadium and a 180,000 square foot exhibit hall -- home both to the New York Jets and possibly the 2012 Olympics. The Convention Corridor will double convention center capacity, enabling New York City to vie for hundreds of events -- and millions of dollars in economic activity -- currently lost to other cities.

"This is an historic day as we take action on what will be a world-class sports and convention facility for New York City," Gargano said. "It is a solid economic development project that will create thousands of jobs while bringing millions of dollars in new revenue that New York City loses each year to other cities."

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