New York Governor Kathy Hochul will reveal on February 1 whether she supports a state-backed joint plan for major infrastructure work in New York City. Belmont Park—a decision to keep or set new barriers to the New York Racing Association’s $450 million capital initiative.
The Democratic governor on February 1 announced her state budget proposal 2023-2024, in which the NYRA and its supporters have been working intensively since last summer to include permissive language. The loan idea is continued.
A Hochul spokesman this week declined to comment on the governor’s decision on the NYRA’s financial request, postponing a response when the state’s major budget plan is made public Wednesday afternoon.
The NYRA and its allies have spent months promoting the idea of borrowing both publicly and behind the scenes with Hochul administration officials and lawmakers, including those who last year halted the plan. Unique link. A coalition consisting of the NYRA, business interests, associations, and others spent money on publicity efforts, voting, and other means to try—eventually—to convince Hochul to put the plan on the wrong side. votes to your state budget.
The NYRA said its loan request — which it said it would pay in full — was necessary to be able to proceed with the Belmont reconstruction project, which includes a new grandstand and track expansion work.
Kathy Hochul (left) at Saratoga . Racecourse
Special use of state affiliate programs by a private entity such as the NYRA would require statutory changes. Last year, the idea died out in the face of opposition from lawmakers who questioned the wisdom of using state bonds to pave the way for the NYRA to renovate Belmont. The NYRA also faces critics who oppose existing state law giving the NYRA a portion of its casino revenue. Aqueduct race track; they consider such revenue sharing as a wasteful subsidy to taxpayers.
The Total Capital Initiative at Belmont will be an important step towards centralizing substate thoroughbred races at the Nassau County track and ultimately closing the Aqueduct.
A group led by the NYRA promoting the Belmont bond scheme called We Are New York Racing, which includes the New York Thoroughbred Riders Association, New York Thoroughbred Breeders, bankers, restaurateurs, groups horse racing and others, said that it was necessary to rebuild Belmont to try to attract future race fans to what would eventually become a year-round racing facility. They also note that the improvements will make the property – owned by the state government – more valuable and will bring the Breeders’ Cup back to New York for the first time since 2005.
NYRA officials will closely monitor the governor’s new fiscal plan.
“The construction of the new Belmont Park will create thousands of jobs, generate billions of dollars in economic activity, and secure the future of thoroughbred motorsport in New York State. That’s why the project is planned. This transformation project has broad support from New Yorkers, elected officials, organized labor and Patrick McKenna, a spokesman for the NYRA, said in a statement Tuesday.
He added: “This is the right time for a new Belmont Park.
The NYRA said it couldn’t access lower-yield bonds on its own in the private market like it could through a state loan. Its plan envisions using video lottery terminal revenue collected from the waterline to fully cover the principle and interest of a loan over a 30-year term. Supporters say the Belmont has not undergone major renovations since 1968.
Go for Wand won the 1990 Maskette Stakes at Belmont Park
If Hochul included the idea of NYRA alignment in his state budget proposal, it would give momentum to the Belmont plan. However, bumpy roads persist—both from a financial and political standpoint—in the legislature. Hochul’s relationship with Democrats, who overwhelmingly control the state legislature, became complicated and troublesome more than a year ago for a governor. Hochul won the election last November to a full, four-year term by a gap much closer than Democrats might have initially thought, and she has had some controversies. fiercely with the legislature, especially in the state senate.
If Hochul had included in the loan plan, it’s not certain how much of a priority she would have prioritized it — considering the financially ambitious list of other items she put at the top of the program. its agenda — in negotiations with the senate and the council. The budget will be approved by March 31.
The state’s top racing regulator recently stated that his wish should be considered part of any Belmont reconstruction. “I know that the NYRA…has plans to extensively renovate Belmont, including providing the luxury boxes. I think this committee has a duty… to make sure that along with the luxury boxes is the home. Be kind to workers Brian O’Dwyer, Chairman of the New York State Game Commission, said at the mid-January meeting of the management board.
“In addition to developing a world-class facility capable of hosting year-round races and major events such as the Breeders’ Cup,” McKenna, a spokeswoman for the NYRA, said in a statement Wednesday. The NYRA will continue to dedicate the resources, time, and attention needed to support the backstretch community at Belmont Park, which means building more backstretch homes in the years to come than at any other time. in NYRA history along with unprecedented overall investments in backstretch facilities.”
