10.24.06

Schumer Gets "Green Bonds" For Destiny Project Through The Senate; Measure Passes Full Congress

Schumer brokered 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 now awaits Presidents signature

US Senator Charles Schumer today announced that at his request the Senate has passed a tax bill by a 6917 margin that includes green bonds for the DestiNY resort in Syracuse. The bill includes a measure that Schumer requested to secure taxexempt "green bonds" that would help finance the project. With the House having passed the measure earlier this week, it has now passed Congress and awaits the President's signature.

"Obviously, this is very good news for DestiNY," Schumer said. "DestiNY has the potential to bring to the region what we need more than anything else jobs. It represents hope for Central New York. I said I'd do everything I could to get those green bonds through the senate and today I'm glad to say that we've done that and now we are one step closer to making this project a reality."

"DestiNY USA thanks Senator Schumer who was instrumental is passing the green bonds proposal as an amendment to this bill. We value the Senator's commitment to support DestiNY USA and help solve our nation's environmental and energy challenges ," said Robert Congel, Founding Partner of DestiNY USA.

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.

Schumer fought hard to keep the green bonds measure in both the House and Senate version of the bill, which Congress passed today and which now awaits the Presidents signature.

"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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