After negotiating with the Jets for more than a year, the MTA opened the bidding process and had three contenders for the rail yard rights--the Jets, Cablevision and TransGas Energy. The Jets $720-million bid was actually the lowest in dollar amount. Cablevision's $760-million plan included adding nearly 6,000 new residential units for low- to moderate-income New Yorkers, a public school, library and a 750-room hotel.

Citing concerns that arose during the public review process, the Jets unveiled a redesigned NYSCC that reduces the height and bulk of the structure by 120 feet and creates more open and retail space. In addition, it replaces the exterior steel structure—including its wind turbines--with a floating glass veil. The New York Sports and Convention Center, if approved by all agencies, will be built over rail yards located between 11th and 12th avenues and 30th and 33rd streets and is anticipated to cost upwards of $1.4 billion. The NYSCC will be able to operate as a 75,000-seat stadium or a plenary hall seating up to 45,000 people when used in combination with an expanded Jacob Javits Convention Center.

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. The new sports and convention center is expected to create 5,685 permanent new jobs, as well as 7,287 construction jobs. Additionally, it will generate nearly $500 million in city tax revenues and more than $592 million in state tax revenues. The effort is just part of the city's 40-year plan to redevelop the Hudson Yards area. That effort is expected to create residential and commercial development in the area. Funding for the project includes $600 million in state and city financing as well as an $800-million investment by the football team.