Excerpt: H.R. 2606 is estimated to generate approximately $265 million in construction activity, almost 300 local construction jobs, and about $8 million in annual local property taxes.
WASHINGTON, D.C. – November 29, 2012 – (RealEstateRama) — Yesterday, President Barack Obama signed into law H.R. 2606, the New York Natural Gas Supply Enhancement Act sponsored by Congressman Michael Grimm and Congressman Gregory W. Meeks. The bill allows for the construction and operation of natural gas pipeline facilities in the New York portion of the Gateway National Recreation Area, creating up to 300 local construction jobs, generating revenue, and bringing clean energy to New York City.
“This is a critical time for the city of New York,” said Congressman Meeks. Meeks continued, “In the aftermath of Sandy, it is imperative that we focus on job and revenue growth. The New York City Natural Gas Supply Enhancement Act will provide safe, clean and affordable energy to residents and businesses. At a time when many in New York City have suffered such great loss, this is welcomed news as we seek to rebuild our local economy and our communities.”
H.R. 2606 is estimated to generate approximately $265 million in construction activity, almost 300 local construction jobs, and about $8 million in annual local property taxes. It will also help bring additional economical natural gas to New York City and will restore the hangers at Floyd Bennett Field to historical standards at no cost to the government.
The current pipeline system serving the Brooklyn and Queens portion of NYC was built 40 to 60 years ago and can no longer meet current demand. H.R. 2606 will allow for a new pipeline to be built off the existing Williams pipeline that currently brings natural gas from New Jersey to Long Island.
The new pipeline will pass underneath Jacob Riis Park in the Rockaways portion of Queens and under Jamaica Bay to a new meter and regulator station on Floyd Bennett Field in Brooklyn. The planned route will avoid residential, commercial, and environmentally sensitive areas. This project was included in the PlaNYC2030 report and is supported by the City of New York, the National Parks Service, and the Regional Plan Association. It first passed the House on February 6, 2012.
