The extension was included as part of the 2005 federal budget presented by President George W. Bush. The extension was proposed nearly a year ago at the request of Pataki and Mayor Michael Bloomberg. The duo then actively worked with Congressional leaders to turn the proposed extension into a reality.
Projects supported by Liberty Bond financing include the $225 million, 51-story residential development at 2 Gold St. and the $82 million development at 90 Washington St. that is expected to have 368 studio and 30 one-bedroom apartments. Financing in the amount of $145.2 million was approved for 63 Wall St., a 410,000-square-foot commercial office building being converted to 476 residential rental apartments. Also in the works is the $1 billion inducement for Goldman Sachs headquarters project in Lower Manhattan.
Though many Liberty Bond projects are concentrated in the downtown area, Bank of America and the Durst Organization received approval for the now under-construction 2.1-million-square-foot tower at One Bryant Park in Midtown that will be the bank's new home.
The advance refunding authority has allowed the state and city to refinance existing bonds at lower interest rates, Pataki reports.
