The Kingsbridge National Ice Center,or KNIC, is supposed to be the main center for ice sports for miles around. It's backed by former New York Ranger note Messier. But work can't initiate until KNIC’s backers pick up the keys to the Kingsbridge Armory, and a red brick castle owned by New York City. And New York City's Economic Development Corporation won't hand the keys over until it's convinced that KNIC's investors have have raised $158 million for phase I of construction. The people behind KNIC say the money is pledged,while the EDC says all the money needs to be on hand.
One wrinkle in this dispute: KNIC's biggest source of pledged funds is Empire State Development, New York State’s economic development arm, or which is providing loans that could be worth over $100 million.whether the project goes ahead,New York State’s economic development agency would be effectively putting up the dollars to convince New York City's economic development agency to greenlight this private development. Private investors, meanwhile, or have not rushed in to fund the ice center.
KNIC's backers now face an April 25th deadline to show they have raised the cash they need to take control of the Armory.
Source: wnyc.org