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NEW YORK CITY-The New York City Economic Development Corp. has signed a property acquisition agreement with a business with which it had been negotiating at Willets Point, Queens. The deal is the fifth agreement reached and NYCEDC expects to reach additional agreements soon, as the City proceeds through the Uniformed Land Use Review Procedure.

MA Realty, which owns 44,500 sf of industrial land in Willets Point, has agreed to have NYCEDC acquire its property. The sale is contingent upon ULURP approval of the Willets Point Development Plan. NYCEDC did not return queries by GlobeSt.com deadline regarding further terms regarding the acquisition agreement or further information.

Under the City’s plan, the land acquired from MA Realty will be remediated and prepared for a new mixed-use community that will include housing units, restaurants, stores, parks, office space, and a public school. The project is said to also provide 18,000 construction jobs and more than 5,000 permanent jobs. NYCEDC has been engaged in active relocation and property acquisition negotiations with many businesses and property owners of all sizes since revealing its redevelopment plans last year, holding more than 100 meetings with such businesses and owners during this period. The total 30-year fiscal impact of the Willets Point redevelopment is estimated to exceed $4.2 billion.

“We are pleased to have now completed five acquisition agreements in Willets Point,” says Seth Pinsky, president of NYCEDC, in a prepared statement. “Our latest agreement demonstrates NYCEDC’s commitment to working together with local businesses to achieve fair and negotiated terms. We will continue to work hard to come to terms with the remaining businesses and transform Willets Point into an area of major economic growth.”

As for now, the timeline for the 60-acre site redevelopment is to select a developer by spring 2009, continue site acquisition and relocation through summer 2009, and begin site preparation, remediation and construction by 2010.

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