Hudson Yards Leans On NYC As Revenues Lag, City Reports

Law360, New York (April 24, 2013, 4:08 PM EDT) -- New York City's huge Hudson Yards mixed-use development has not met revenue expectations the city set out when it agreed to finance the transportation aspect of the project with $3 billion in bonds with hopes it would create a new commercial hub, the city's independent budget office said Wednesday.

The Hudson Yards Infrastructure Corp., set up to manage the project on Manhattan's west side, predicted back in 2005 that it would collect $283 million in tax and fee revenues through 2012, but the total had reached...
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