New York Officers Estimate Shifting Madison Sq. Backyard Would Value Taxpayers $8.6 Billion

Throughout a confidential assembly of Empire State Growth Company, officers stated it will price taxpayers $8.6 billion to relocate Madison Sq. Backyard with a view to broaden Penn Station. The estimate contains $5 billion to buy new land and assemble a substitute area.

Officers stated the general public must eat the price “to keep away from lingering MSG issues that may come up with no buyout,” in line with minutes from the assembly.

MSG was granted a 50-year working allow in 1963 and the Dolans requested for a allow in perpetuity in 2013. As an alternative, they got 10 years to maneuver.

 

MSG additionally doesn’t pay property taxes on the constructing. 

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