"Today's action is another positive step in the New York Sports and Convention Center project," says Empire State Development Corp. chairman Charles A. Gargano. "This is an economic development project that will strongly enhance New York's ability to attract conventions and conferences."

The board's action follows an ESDC public hearing and comment period and initial adoption of the general project plan last November. Gargano says the project is expected to generate more than $1 billion in city and state tax revenue while creating thousands of construction and permanent jobs. Funding for the project includes $600 million in state and city financing as well as an $800 million investment by the Jets. The city and state will share the cost of the platform while city financing will also pay for the roof, making it a year-round multi-use sports and convention center.

The site for the sports and convention center is on the city's far west side, bounded by West 30th and West 33rd streets, and 11th and 12th avenues. The facility is to be built on a steel and concrete platform above the railyards currently owned by the Triborough Bridge and Tunnel Authority, an affiliate of the MTA. The MTA recently approved a proposal from the Jets for the property. In order to convert the stadium to a convention facility, the NYSCC will include a removable palletized artificial playing field. The Jets have agreed to provide $250 million to the MTA as part of the project at the time of the contract signing.