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ASSEMBLY STANDING COMMITTEE ON CORPORATIONS, AUTHORITIES AND COMMISSIONS

NOTICE OF PUBLIC HEARING


SUBJECT:

Consideration by the Metropolitan Transportation Authority of the sale of interests in the John D. Caemerrer West Side Rail Yard.

PURPOSE:

This hearing will seek to learn what steps, if any, the Metropolitan Transportation Authority (MTA) has taken or will take in preparation to making a reasoned business decision consistent with the long-term financial interests of the MTA concerning the potential sale of interests in the area on the West Side of Manhattan known as the West Side Rail Yard.

NEW YORK CITY
Thursday, September 14, 2006
10:30 a.m.
Assembly Hearing Room
250 Broadway
Room 1923, 19th Floor

ORAL TESTIMONY WILL BE BY INVITATION ONLY


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.


Richard L. Brodsky
Member of Assembly
Chairman
Committee on Corporations, Authorities and Commissions



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


box I plan to attend the following public hearing on the potential sale of interests in the West Side Rail Yard to be held by Assembly Standing Committee on Corporations, Authorities and Commissions.

box I have been invited to make a public statement at the hearing. My statement will be limited to 10 minutes, and I will answer any questions that may arise. I will provide 10 copies of my prepared statement.

box I would like to be added to the Committee mailing list for notices and reports.

box I would like to be removed from the Committee mailing list.

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I will require assistance and/or handicapped accessibility information. Please specify the type of assistance required:






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