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The Metropolitan Transportation Authority (MTA) and New York City officials yesterday announced an agreement to dedicate future ground lease revenue from the redevelopment of MTA’s former headquarters site to the MTA capital program.
Redevelopment of the former headquarters on Madison Avenue in East Midtown into a transit-oriented development is expected to generate more than $1 billion in real estate taxes and other revenue over the life of the ground lease to fund approved transit projects.
The plan also calls for construction of a new entrance to the Grand Central Terminal and the MTA Long Island Rail Road terminal in 2022.
The agreement helps New York City fulfill its obligation to provide $600 million from alternative non-tax-levy revenue sources as part of its $2.66 billion contribution to the MTA’s 2015-2019 capital program, MTA officials said in a press release.
The Madison Avenue site served as the MTA’s headquarters from 1979 until 2014.