The team behind “The Coney,” a casino proposed for Brooklyn’s Coney Island, has unveiled a $200 million community trust fund aimed at revitalising the area. The announcement comes just ahead of a public hearing to gauge local support for the ambitious project.
Community Trust Fund: A $200M Promise
Developers have committed to creating a trust fund worth $200 million, which they say will directly benefit the Coney Island community if the casino plan is approved. The fund would focus on infrastructure, safety, and job creation, among other initiatives.
A local oversight board made up of community stakeholders would manage the fund, ensuring that the money is used effectively. Potential projects under consideration include boardwalk renovations, neighbourhood beautification, and workforce training programmes.
“The aim is to not just develop a casino but to support the local area in meaningful ways,” said Robert Cornegy, a representative for the project and former city council member.
A Local Board to Decide
Key to the trust fund’s promise is the establishment of a governing board. This board would feature representatives from the local community and act as a steward of the money.
The board’s potential responsibilities include:
- Identifying and prioritising neighbourhood improvement projects.
- Ensuring transparency in fund allocation and usage.
- Collaborating with residents to assess community needs.
Local residents have expressed hopes that this board will ensure funds are used equitably and for the betterment of Coney Island.
Proposed Benefits for the Community
If approved, the casino developers say their plans will bring significant long-term benefits to the area, which has struggled with economic instability and underinvestment.
Proposed uses for the trust fund include:
- Boardwalk upgrades: Modernising the iconic Coney Island boardwalk to boost tourism.
- Safety improvements: Installing better lighting, adding security features, and upgrading infrastructure to ensure public safety.
- Workforce development: Offering job training and career development programmes to local residents.
Many locals see these investments as critical to revitalising the neighbourhood.
Concerns from the Community
Despite the promise of a $200 million fund, not everyone is sold on the idea of a casino in Coney Island. Critics worry about potential increases in crime, traffic, and problem gambling.
“This neighbourhood needs help, but a casino could bring problems we’re not ready to deal with,” said one local resident.
Others question whether the trust fund will genuinely deliver on its promises or whether it’s simply a tactic to gain approval.
Upcoming Public Hearing
The next step in the project’s timeline is a public hearing, where residents will have a chance to voice their opinions. The meeting is expected to be a lively debate between those eager for economic benefits and those wary of potential downsides.
Developers hope the $200 million trust fund will tip the scales in their favour, presenting it as a guarantee of their commitment to Coney Island’s future.
