The MTA owns the site over the Hudson Yards development. The proposed $1.7-billion project--part of a broader West Side development plan--would be built on a platform over the rail yards. Mayor Michael Bloomberg has said repeatedly that the new stadium is crucial to city's bid to host the 2012 Olympics. The Jets say they will invest $900 million into the project and cover any cost overruns. The city and state would contribute a total of $600 million, mostly to go toward infrastructure costs. In the meantime, reports reveal that a new scaled-down stadium design is about to hit the street. GlobeSt.com will provide updates as they occur.

The city and state will each contribute $300 million to construct a deck over the rail yards and for the stadium's retractable roof. The Jets also 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.

The Empire State Development Corp. board of directors recently adopted the general project plan that would add space to the existing Jacob K. Javits Center and create the multi-use stadium called the New York Sports and Convention Center. It will double as a 75,000-seat stadium and a 180,000-sf exhibit hall.