Queens Councilman Hiram Monserrate and Mayor Michael Bloomberg announced on the steps of City Hall this afternoon that they have reached an agreement over the redevelopment of Willets Point.
Of the 5,500 housing units created in the area, 35 percent will be "permanently affordable" to low-income families living near the affected area.
There will also be an 850-seat school built in the area and a $3 million tenant relocation fund will be available for area businesses, to be allotted money based on square footage.
The 1,300 affected workers will also receive job training and placement, English classes and cash incentives.
The new deal does away with the need for the city to evoke eminent domain to secure the land and was reached one day before a slated City Council vote on the matter.