10.27.06

Schumer Gets "Green Bonds" For Destiny Mega-Mall Project In Syracuse Added To Senate Tax Bill

Schumer brokers bipartisan arrangement that would provide tax-exempt bonds to help finance the entertainment and tourism complex that is expected to bring a surge of jobs Measure must now pass the House

US Senator Charles Schumer today announced that he brokered a bipartisan arrangement that moves the DestinyNY megamall in Syracuse deal closer to completion. A measure that Schumer requested to place taxexempt "green bonds" that would help finance the project took a major step forward Wednesday night, as the Senate passed an amendment adding them to a pending international tax bill.

"This is very good news for Destiny," Schumer said. "It bodes very well for green bonds. DestiNY has the potential to bring to the region what we need more than anything else jobs. It represents hope for Central New York and now we need to get it passed through the House."

Green bonds are taxexempt bonds that would make it easier to finance environmentally friendly technologies and materials planned for use in DestiNY. The measure Schumer requested would provide an estimated $100 million for construction of the project, a $2.2 billion entertainment and tourism complex proposed by Pyramid Cos.

The amendment passed the Senate Wednesday night by a vote of 7623. The Senate is expected to pass the entire international tax bill by next week, and it awaits action in the House. If the tax bill clears the House, it will move to a HouseSenate joint conference committee. Schumer said he has talked with key players on the conference committee who have indicated their intent to try to keep green bonds in the final version of the bill. The measure could be signed into law by the summer.

"This is a big shot in the arm for Destiny, and Destiny is a big shot in the arm for Central New York and all of upstate New York,'' said Schumer. ``I always said I would do my best for Destiny and today we've taken a big leap forward."



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