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FOR IMMEDIATE RELEASE: May 12, 2004

SCHUMER: "GREEN BONDS" FOR DESTINY MEGA-MALL PROJECT IN SYRACUSE PASSES SENATE

Schumer brokered bipartisan arrangement that would provide tax-exempt bonds to help finance the entertainment and tourism complex that is expected to bring a surge of jobs

Measure must now pass the House

US Senator Charles Schumer today announced that the Senate late last night passed a tax bill that moves the DestiNY mega-mall in Syracuse deal closer to completion. The bill includes a measure that Schumer requested to secure tax-exempt "green bonds" that would help finance the project.

"This is very good news for DestiNY," Schumer said. "It bodes very well for green bonds. DestiNY has the potential to bring to the region what we need more than anything else - jobs. It represents hope for Central New York and now we need to get it passed through the House."

Green bonds are tax-exempt bonds that would make it easier to finance environmentally friendly technologies and materials planned for use in DestiNY. The measure Schumer requested would provide an estimated $100 million for construction of the project, a $2.2 billion entertainment and tourism complex proposed by Pyramid Cos.

The bill passed the Senate late Tuesday night by a vote of 92-5 and awaits action in the House. If the tax bill clears the House, it will move to a House-Senate joint conference committee. Schumer said he has talked with key players on the conference committee who have indicated their intent to try to keep green bonds in the final version of the bill. The measure could be signed into law by the summer.

"This is a big shot in the arm for DestiNY, and DestiNY is a big shot in the arm for Central New York and all of upstate New York,'' said Schumer. ``I always said I would do my best for DestiNY and today we' ve taken a big leap forward."

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