NYRA Awaiting Word on Belmont Financing Bill

The New York Racing Association will know within a week whether it will be granted access to a state agency's bonding services and construction expertise to help it borrow in order to finance its big, future renovation program at Belmont Park.

Legislation passed in June by both the Senate and Assembly was sent Dec. 11 to Gov. Andrew M. Cuomo for his consideration. 

Only 18 words in length and providing no actual detail, the legislation would permit NYRA to secure financing and tap into the construction services and borrowing expertise of the state Dormitory Authority, an entity that is involved in everything from construction programs at state and private colleges to hospitals.

"This legislation enables NYRA to obtain the financing necessary to renovate Belmont Park with 21st century amenities and, once again, transform the property into the world-class racing facility it has been in the past,'' states a legislative memo that accompanies the authorization bill.

The Dormitory Authority has been in existence for 74 years, and last year it issued more than $7 billion in bonds. The agency, known as DASNY, would also likely be able to secure cheaper financing for NYRA than if it went on its own to the commercial borrowing market.

"To fund the redevelopment, NYRA will need to pursue financing options,'' the legislation's memo states.

The state borrowing agency's services could also be used by NYRA for future projects at Aqueduct Racetrack and Saratoga Race Course.

NYRA is planning—without unveiling all the details yet—a major renovation of Belmont as the property around it is developed into a new sports, dining, and entertainment spot, including a new arena for the New York Islanders of the NHL. Construction on the new arena is set to begin around the middle of 2019.

NYRA officials have previously said the first four floors of the Belmont clubhouse are due for a major rehabilitation, upgrades to paddock areas would be made, and various renovations to the dirt and turf courses are planned.

The NYRA borrowing bill passed both houses June 19, getting a total of 201 yes votes and 1 no vote.