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Daily News Editorial: Last Chance for New Penn

moynihan penn station concept rendering som

Today, the Daily News says it is time for Bloomberg and Paterson to make a final push for Moynihan Station, but ‘only on terms that protect the taxpayers from making unjustified contributions to enormously valuable enterprises.'”

“As always, the primary issue is money. The post office train station, to be called Moynihan Station, is fully funded. But developers Vornado Realty Trust and the Related Cos. are seeking huge subsidies for building the second train station across the street.”

“Far larger subsidies than the $600 million proposed by the state and city. Even that is not warranted, as the city and Albany have given Vornado, Related and Cablevision big benefits.”

“Rezoning the Garden site for skyscrapers and offering the arena a new home boosted land values tremendously. So much so that the companies should have no call on city or state monies. And the developers’ proposed contribution of $550 million falls well short of the mark.”

The editorial rejects Schumer’s proposal for the Port Authority to take over:

“Sen. Chuck Schumer has called for the Port Authority to quarterback the development and bring in $2 billion. Money is pouring into the PA from its toll hike and has been earmarked for an as-yet unspecified transportation improvement in New York.”

“With so many major transit projects begging for funds, now is not the moment to allocate a penny of PA revenue to a new Penn Station. Instead, now is the moment for Paterson and Bloomberg to bring hard-nosed realism into negotiations.

“They can start by rejecting the idea of spending $3 billion on the new station, the price the developers are said to have put on the project. The governor and mayor should bring in experts to verify costs. And they must insist on making the designs public.”

“Finally, there’s always square one. Before floating this scheme, Vornado and Related won a competition to develop the Farley building as Moynihan Station and a mall. That station was envisioned by the late Sen. Pat Moynihan in 1992. The money is there. Work could start tomorrow. And that may well be the way to go.”

Read “Last Chance for New Penn,” from The Daily News