SUBJECT:

PURPOSE:

MTA is reportedly considering the potential sale or other development of air rights over its facilities in the West Side of mid-town Manhattan known as the West Side Rail Yard. These rights represent an asset of significant value especially in view of an approved 5-year capital program that depends on the sale of assets to fund a substantial portion of the plan. It may be critical to the completion of the MTA's capital program, both for the current 5-year period as well as beyond, to maximize the benefits of any such sale for the MTA's customers, bondholders and employees. Therefore, any sale must be in accordance with law and prudent management principles. This hearing will stimulate the open discussion of what information needs to be collected and what analysis needs to be done in order to come to decisions as to what property rights should be sold, for what price, to what purchasers, and under what procedures to achieve the greatest overall benefits to MTA's stakeholders.

Persons invited to present pertinent testimony to the Committee at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation. All persons wishing to present written testimony are invited to do so.

Oral testimony will be limited to 10 minutes' duration. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements.

In order to further publicize these hearings, please inform interested parties and organizations of the Committee's interest in considering testimony from all sources.

In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities.

PUBLIC HEARING REPLY FORM

Persons invited to present testimony at the public hearing on the potential sale of interests in the West Side Rail Yard are requested to complete this reply form as soon as possible and mail or fax it to:

Jonathan Lamberti
Committee Assistant
Assembly Committee on Corporations, Authorities and Commissions
Room 513 - Capitol
Albany, New York 12248
Email: lamberj@assembly.state.ny.us
Phone: (518) 455-4881
Fax: (518) 455-4128

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