The planned ice center at the Kingsbridge Armory in the Bronx will generate nearly $2 billion in economic benefits over the course of its 99-year lease, according to its developers. An article in the Daily News highlighted the community benefits agreement set forth by KNIC Partners, which requires that at least 51% of the employees be Bronx residents and be offered a living wage.
In addition to 1.5% of the ice center’s annual revenue, the community will also receive free ice time and a 50,000 square foot community center.
As per the article:
““It’s a combination of a performance venue and a community facility,” [Jonathan] Richter [President of KNIC Partners] said. “Coupling those two together made it a robust economic engine for the city.”
Richter stressed that the ice castle will have priceless side benefits, too, such as better health for the community, and an increased likelihood that today’s Bronx youth could end up playing professional hockey.
“The immeasurable community benefits … were somethings we couldn’t put a price tag on,” he said.”
Read the full article here.