In the plan, a public-private partnership will dramatically expand the Jacob K. Javits Convention Center and build the New York Sports and Convention Center (NYSCC) – a world-class stadium and exhibit hall that will become the home of the New York Jets and would be the Olympic Stadium during a New York Olympic Games in 2012.

“This project is essential for the city’s economic future and is moving forward with city, state, and private financing regardless of the IOC’s decision on the 2012 Games,” said Daniel L. Doctoroff, Founder of NYC2012 and the New York City’s Deputy Mayor for Economic Development and Rebuilding. “This will ensure the timely completion of an Olympic Stadium should New York be chosen to host the 2012 Games.”

During a 2012 Games in New York, the Olympic Stadium will host the Opening and Closing Ceremonies and Athletics competitions, while the expanded Javits Center will host six Olympic sports and the Main Press Center.

Designed by New York architect William Pedersen, of Kohn Pedersen Fox (KPF), the glass-and-steel structure will welcome more than 80,000 visitors to the 2012 Olympic Games and set international standards for environmentally responsible design. Throughout the Games, the beautifully landscaped Olympic Square will be one of two Olympic Celebration Centers that will serve as festive gathering places for visitors from across the world.

After the Games, Olympic Square will take its place alongside Times Square and Rockefeller Center as one of New York’s great gathering places, allowing tourists, office workers, and sports fans to come together and celebrate the city’s biggest events.

“This is a smart city-state investment in New York’s future,” said Governor Pataki, “one that leverages private investment to grow our convention industry and help realize New York’s Olympic dreams.”

The New York Jets have committed to investing $800 million to build the NYSCC with the city and the state each contributing $300 million to build the deck over the rail yards and a retractable roof.

The Javits Center, which ranks first in the nation in attendance and second in number of shows, is only 18th in overall capacity. The city has had to turn away bookings equivalent to 800,000 room nights that would have been realized over the next five years due to limited convention space. The expansion will double convention center capacity, enabling New York to vie for hundreds of events – and millions of dollars in economic activity – now lost to other cities.

The city and state will each commit $350 million in funds for the Javits expansion, with an additional $700 million in private investment, primarily from hotel industry fees. When completed, the Javits Center’s annual tax revenue is expected to increase by $53 million and create more than 10,000 permanent jobs.

Overall, the Convention Corridor will generate an additional $128 million in annual tax revenues and create 17,500 permanent jobs.

Mayor Bloomberg stressed the benefits go beyond tourism, conventions, and sports.

“It’s about transforming a community that has been neglected by our city for years,” said the Mayor.

Construction is expected to begin in the spring of 2005, before the International Olympic Committee decision on July 6, 2005.