Gov. Kathy Hochul and Mayor Eric Adams announced an agreement Tuesday to partially fund athrough “payment in lieu of taxes” by new Midtown office developments.
“Our agreement with the city to provide a portion of the financing toward a new Midtown Bus Terminal will allow the Port Authority to move forward with a project that will generate economic benefits for our entire region while improving the quality of life in the community where the terminal is located,” said Kevin O’Toole, the Port Authority chair. “We will replace this aging eyesore with a world-class gateway our region deserves.
Funding for the new Port Authority Bus Terminal would partially come from PILOTs for large new office towers in the area.The bi-state agency released a draft environmental impact statement last month and hopes to gain final environmental approval from the feds this year.