TESTIMONY
by Patrica Noonan, Sr. Vice President,
Policy & Economic Development
PARTNERSHIP FOR NEW YORK CITY
NEW YORK CITY INVESTMENT FUND

New York, New York
May 31, 2006

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Testimony on Moynihan Station Draft EIS

Good afternoon. Thank you for conducting this hearing to focus attention on the important new transportation hub planned for the Farley Building and the surrounding area.

On behalf of the city’s business community and our President and CEO, Kathryn Wylde, who is unable to be here this afternoon, I am pleased to offer the Partnership’s support of the Related-Vornado Venture for Moynihan Station.

The Partnership is an organization comprised of the chief executives of the city’s largest employers. It is committed to working in partnership with government, labor and the non-profit sector to enhance the economy and create jobs.

In 2003, the Partnership studied several of the major transportation proposals on the regional drawing board. Our study found that transportation hubs, such as the relocation of Pennsylvania Station to the Farley Building, produce the greatest economic benefits. Specifically, our report estimated $9.5 billion in economic development benefits for the new Moynihan Station. This is in addition to the transportation benefits associated with the new station.

It is important to point out that the Partnership’s analysis was based on the original plan for Moynihan Station. We know that as part of this review process you have looked at that plan as well as an alternative expanded concept that would result in Moynihan West and Moynihan East.

Our assumption is that the expanded concept would result in even greater economic benefits, especially since it involves relocating Madison Square Garden and bringing it up to modern standards, which should greatly increase its attractiveness as a venue for many events that will draw tourists and residents alike.

This new Moynihan Station will create a vibrant center for commuters, with grand public space, retail and amenities more akin to Grand Central Terminal. It will also reinforce two other critical transportation projects on the drawing board: the extension of the # 7 line, which will serve to further open up the Far West Side and a much needed second commuter rail tunnel underneath the Hudson, known as Access to the Region’s Core (ARC).

These investments in public infrastructure are helping to leverage over $6 billion in private investment in the new Moynihan Station alone. It is estimated that the project will generate well over $1 billion in new taxes on property for which the city currently receives no tax revenue today.

Taken together, these three projects will help open up the last great frontier for development on the island of Manhattan—for offices, for residences, for tourism and for conventions. Combined with the expansion of the Jacob K. Javits Convention Center, the Far West Side promises to become the logical extension of the largest central business district in the country.

The city’s business leaders recognize Moynihan Station as a key component of the city’s future economic growth and we are pleased to offer support to the Related-Vornado Venture as well as all of the public transit agencies and the City and State as you move forward on this exciting project.

The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the global center of commerce, culture and innovation.