The Real Deal New York

Hudson River Trust aims for bond power

April 19, 2012 02:30PM

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Hudson River Park (credit: Hudson River Park)

The Hudson River Park Trust is currently working to push through a bill that would grant it power to issue bonds, the Wall Street Journal reported. The trust and lawmakers in Albany are now going over ways to form the legislation, which the trust wants to have passed before the legislative session ends in June.

The legislation would also call for easier ability to conduct mixed-use development at the site, which runs from the southern tip of Manhattan up to Midtown, and to provide leases there that go beyond the current 30-year limit.

The trust is responsible for managing and developing the Hudson River Park, and for commercial development in the area. Fourteen years into the project, the park is 70 percent complete and the trust needs $200 million to finish it , according to the Journal.

The Journal did not indicate how much money could be raised through the bonds. [WSJ]

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