Bill that would allow NYRA to tap low-cost bonds passes legislature
A bill that will allow the New York Racing Association to tap the bonding authority of a state agency passed both houses of the state legislature on Wednesday night and will be sent to Gov. Andrew Cuomo for his signature.
The bill would add NYRA to a list of public and private entities that can receive financing from the Dormitory Authority, an agency created in 1944 that provides state-backed bonds to construction projects in the state. State-backed bonds are generally cheaper than the bonds obtained through private markets, in part because interest paid on the bonds is tax-exempt.
NYRA is in the midst of planning for renovations to its racetracks, including a potentially massive redo of Belmont Park, the site of a future stadium for the New York Islanders adjacent to the track’s grandstand. The association has yet to unveil specifics of the plans, however. The legislation passed Wednesday night includes language that says the funding can be used for “capital projects.”
“This legislation enables NYRA to obtain financing necessary to renovate Belmont Park with 21st Century amenities and, once again, transform the property into the world-class racing facility it has been in the past,” says a legislative memo attached to the bill.