A Key New York State Legislator Believes Albany Will Approve $455 Million Loan Plan For Reconstruction Belmont Park as part of the state budget deal is currently stalled, but those details have yet to be finalized.
Senator Joseph Addabbo, a Queen’s Democrat and chair of the Senate racing, games and betting committee, said April 14 that other major pressing matters — related to criminal justice, education and other issues — still being negotiated by Governor Kathy Hochul (a Democrat). and legislative leaders. Addabbo said the Belmont issue has yet to be fully discussed by the parties.
The state budget is due on March 31; The government has continued to run through the passage of two emergency appropriations measures as of April 1st the start of the fiscal year. Lawmakers will return to Capitol Hill on Monday to — at least — pass another “expansion” bill to ensure state workers get paid and other key items are funded in when financial negotiations take place.
While some progress on the 2023-2024 master state budget plan is being worked on, much can happen between now and Monday to blow things up or bring the parties together.
The New York Racing Association and its allies pressed the state to provide a $455 million loan to pay for major construction projects, including a new grandstand in Belmont. Plan envisions merging upstate New York races at Belmont and closing aqueduct as part of an effort to promote new property development opportunities in a prime Queens location.
Hochul and the Democrats running Congress and the Senate have signaled, in their own budget plans, a willingness to lend money to the NYRA for the Belmont project. But there are caveats: the assembly plan, for example, removes the requirement that the Aqueduct be closed after the Belmont project is complete. The Senate budget version envisions key roles in the Aqueduct process for local governments and community groups, as well as requirements that affordable housing be part of a number of future developments in the United States. Aqueduct.
Opponents of the idea include financial watchdogs who say New York State should not lend money to the NYRA, a private organization, to work in Belmont, while horse safety advocates say Opponents of horse racing say the state should stop subsidizing the NYRA and others through payouts from Aqueduct-based casinos. The delay in getting the master budget on time this year has created additional opportunities for opponents, especially on social media, to argue against the Belmont project.
“I’m optimistic Belmont is in the budget. It should be in the budget. It has a huge financial impact, about $160 million in off-project economic growth,” Addabbo said in an interview today. Friday.
Addabbo said he appreciates his colleagues in the Legislature have given their specific wishes for the NYRA plan, but it would be better to include a lot of detail in any agreement for the NYRA. future loans between the state and the NYRA. He noted that many lawmakers do not like policy issues being crammed into state budgets and that the position for some loan details would be best handled in future loan arrangements. future. The plans call for the NYRA to pay back the loan within 30 years, and some lawmakers want written assurances that the loan will be repaid in the event that the NYRA does not continue to run the race under the exclusive franchise agreement. rights with the state. The current franchise ends in 2033.
The properties where NYRA raced at Belmont, Aqueduct and Racecourse Saratoga owned by the state. The NYRA says its plan will make Belmont state property far more valuable and open up a large parcel of land at Aqueduct for lucrative real estate development opportunities.
Often in state budget discussions, gambling-related issues are among the last to be resolved in secret negotiations by the governor and legislative leaders. Right now, history seems to be repeating itself with that historic financial trend.
