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NY Times editorial calls for decision-makers to finalize deal

Juliette Michaelson on April 1, 2008 |

A New York Times editorial published on Saturday called for the major decision-makers involved in Moynihan Station -- Governors Paterson and Corzine, Mayor Bloomberg, Jim Dolan (the owner of Madison Square Garden), as well as Steve Ross and Steve Roth (the owners of Related and Vornado, the developers) -- to meet and hammer out a final agreement for Moynihan Station.

We believe that it is not too late to get Madison Square Garden back at the bargaining table, but the City and State will have to act quickly. We call on the City and State to make Moynihan their top priority after the budget and congestion pricing are finalized, hopefully this week. Active leadership from the public sector, coupled with a enforceable timeline, is our only chance to see this project through.

Full editorial on the jump.

New York Times Editorial
March 29, 2008
Incoming at the Governor's Office

Gov. David Paterson of New York is being bombarded from all sides. The $124 billion state budget is due Monday at midnight. Mayor Michael Bloomberg's proposal for congestion pricing needs to be approved within days. The plan to transform Manhattan's grimy Pennsylvania Station into Moynihan Station, a grand complex, is now in limbo, courtesy of the owners of Madison Square Garden. Mr. Paterson can win these battles, but none are going to be easy.

First, the budget. Like other states across the country, New York is facing a shortfall that is likely to only grow worse as the year continues. Even Albany's most selfish and self-absorbed legislators cannot deny that. The voters certainly know what is happening to the value of their homes and their 401(k)'s.

The agreement that Mr. Paterson has worked out with leaders increases spending up to 4.5 percent. That seems high given the rumbling on the horizon. The new governor should make clear to legislators that any effort to hold out for more would be seen as irresponsible by the voters. He must also prepare the lawmakers -- and the voters -- for more cuts to come as revenues decline.

The second big item on Mr. Paterson's list should be congestion pricing for the city. The Assembly speaker, Sheldon Silver, has agreed to let the matter go to the floor. Now it is up to Mayor Bloomberg and Governor Paterson to quickly negotiate it into law. If they don't, the state could lose more than $354 million in federal financing at a time when every dollar counts.

The toughest job will be to revive efforts to replace an atrocity known as Penn Station with Moynihan Station -- a glorious new gateway to the city. The Dolan family, owners of Madison Square Garden, announced on Thursday that they were pulling out of negotiations and were planning to renovate the arena.

The timing of the announcement suggests that the Dolans are frustrated with the delays. They may well be taking advantage of what they see as confusion or weakness in the governor's office to bolster their negotiating position. Certainly there is confusion. After the departure of Gov. Eliot Spitzer and his chief administrator on this project, nobody is really in charge of final negotiations on design and funding.

One intriguing option, pushed most recently by Senator Charles Schumer, would be to let the Port Authority of New York and New Jersey take over the project. The Port Authority could fill the leadership vacuum and bring in some of its own finances.

Governor Paterson could show that he is in charge by calling a summit meeting of the big players -- Gov. Jon Corzine of New Jersey, Mayor Bloomberg, the Dolans, developers and executives of the Port Authority. This high-level group should hammer out a strategy to move forward on this important civic project before it really is too late.