The plan also ensures the maximum revenue for the State of NewYork, proposing $250 million up front, plus $130 million inadditional construction expenditures--on top of the state's $250million--to ensure the best possible facility at Aqueduct. Added tothat is the guaranteed $106 million in ongoing capital improvementsto the facility over the franchise term. In addition, SL Green'sproposal includes a proprietary $28.5-million upstate equineeconomic development program to support and encourage growth in NewYork's horse racing industry.

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[IMGCAP(2)]As GlobeSt.com previously reported, the redevelopment planincludes working with the Hard Rock brand, which will help developand operate a fully integrated entertainment complex--with racing,gaming, restaurants, retail and hotels. The plan is intended tocreate approximately 600 full-time union construction jobs and 575full-time union operations jobs in the initial phase alone, andhundreds of more jobs are anticipated in future spin-off employmentspurred by the Aqueduct development.

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Unions supporting SL Green's bid include: the Building &Construction Trades Council of Greater New York; the New York Hoteland Motel Trades Council; Local 32BJ of the Service EmployeesInternational Union; Local Union No. 3 of the InternationalBrotherhood of Electrical Workers; the International Union ofOperating Engineers, Local Union No. 94; the International Union ofOperating Engineers, Local Union No. 30; and the Sheet MetalWorkers International Association, Local No. 28, Metropolitan NewYork and Long Island. When contacted, an SL Green spokespersontells GlobeSt.com that they "can't yet discuss publicly beyondcurrent disclosures."

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"SL Green has always ensured that the construction at itsbuildings is done by union labor and by contractors which respectand work together with the construction trades unions to providethe highest quality work," says Michael Belluzzi, president andbusiness manager of the Sheet Metal Workers InternationalAssociation, in a prepared release. "We know that SL Green'sselection will ensure that the VLT facility is constructed in themost efficient and effective manner, while at the same timebenefiting the men and women who perform union trades' work in NewYork City."

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Marc Holliday, CEO of SL Green, says in a statement that "ourcommitment to organized labor is unparalleled and we look forwardto the opportunity to apply this commitment and our principles inbringing a world-class destination to Aqueduct." SL Green'sproposed redevelopment plan for Aqueduct is currently before stateleaders.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.