According to the ESDC, the initiative will "transform the underutilized West Side, grow New York's convention industry and is expected to generate more than $1 billion in city and state tax revenue, 7,287 construction and 5,685 new permanent jobs." ESDC chairman Charles Gargano adds, "It is a solid economic development project that will create thousands of jobs while bringing millions of dollars in new revenue that New York City loses each year to other cities." A public hearing will be held within approximately 30 days followed by a 30-day public comment period.

A key factor in the approval was that the Convention Corridor will double convention center capacity, enabling New York City to vie for hundreds of events--and millions of dollars in economic activity--currently lost to other cities. The NYSCC will double as a 75,000-seat stadium and a 180,000-sf exhibit hall and is a major component in the city's effort to host the 2012 Olympic Games.

The Jets have agreed to fund some public infrastructure, including creating public access to the waterfront along 33rd Street, a 33rd Street pedestrian bridge and a portion of a 39th Street pedestrian bridge. Funding for the project includes $600 million in state and city financing as well as an $800-million investment by the football team. The effort is just part of the city's 40-year plan to redevelop the Hudson Yards area. That initiative is expected to create residential and commercial development in the area.