The Coney Team Proposes $200 Million Community Trust Fund for Coney Island
$200 Million Trust Fund for Coney Island
The team behind the proposed Coney Island casino, known as The Coney, has announced that they would create a $200 million community trust fund if the project is approved. The trust fund would be used to support the community and neighborhood, with a board of local stakeholders determining how the money would be used.
How the Trust Fund Would Be Used
The trust fund could be used for projects such as boardwalk improvements, safety and beautification around the neighborhood, and local workforce development. The Coney team believes that the fund would help to revitalize the neighborhood, bringing thousands of jobs and year-round economic activity to the area.
Community Reaction
The announcement came just hours before a contentious community board hearing about the proposed casino. While some residents are in support of the project, many are opposed, citing concerns about increased rents and property taxes, the potential to jeopardize the character of the neighborhood, and year-round overcrowding and congestion.
The Coney’s Plans
The Coney team has been working to gain community support since 2022 and has made several changes to their proposal, including adding a public rooftop garden and investing $50,000 to renovate basketball courts at the Surfside Gardens NYCHA development. They have also hosted a free kids’ basketball clinic.
Land Use Alterations
The Coney team has submitted a land use application to the City Planning Commission, proposing to close a portion of Bowery Street and purchase air rights over West 12th Street and Stillwell Avenue to construct taller buildings connected by large "pedestrian bridges." The team believes this will help to revitalize the area and bring in new development.
Community Board Hearing
The Community Board 13 will hold a hearing on January 9 to review the Coney’s land use application. The hearing will give the board and locals the opportunity to hear from the casino team and voice their opinions. Community Board 13’s Land Use Committee will vote on the proposal on January 15, with a full board vote on January 22.
Conclusion
The Coney team’s proposal for a $200 million community trust fund has the potential to bring significant benefits to the Coney Island community. While some residents are opposed to the project, others see it as an opportunity for growth and revitalization. The January 9 community board hearing will be an important opportunity for locals to weigh in on the proposal.
Frequently Asked Questions
Q: What is The Coney’s proposal?
A: The Coney is a proposed casino project that would bring a $200 million community trust fund to Coney Island.
Q: What would the trust fund be used for?
A: The trust fund could be used for projects such as boardwalk improvements, safety and beautification around the neighborhood, and local workforce development.
Q: What is the current reaction to the proposal?
A: Some residents are in support of the project, while many are opposed, citing concerns about increased rents and property taxes, the potential to jeopardize the character of the neighborhood, and year-round overcrowding and congestion.
Q: What is the next step in the process?
A: The Community Board 13 will hold a hearing on January 9 to review The Coney’s land use application. The hearing will give the board and locals the opportunity to hear from the casino team and voice their opinions.
