NEW YORK -- Governor David Paterson, Senate Majority Leader Joseph Bruno and Assembly Speaker Sheldon Silver announced Tuesday that they have directed their staffs to work with Mayor Bloomberg and the New York City OTB to craft a solution that would allow NYC OTB to continue operations.

The Board of Directors of OTB voted in February to cease operations by June 16, 2008, at which date the corporation will be insolvent and the city would be required to infuse cash into it in order to continue to operate. The Governor said that discussions have already commenced among the State, New York City, the Legislature and NYC OTB.

“NYC OTB provides good paying jobs to its 1,500 workers,” said Governor Paterson. “Given the current economic downturn, it is especially important that we take steps to ensure the financial viability of this venture because of the importance of these jobs to these 1,500 families and to the broader economy. In addition, OTBs should generate significant excess funds that local governments can use to provide needed services and reduce property taxes.”

NYC OTB pays out approximately $90 million annually to New York based thoroughbred and harness racing tracks in return for broadcasting live signals of their races at its facilities. In addition, NYC OTB pays approximately $17 million annually in fees and surcharges to New York City and an additional $17 million to New York State.