The New York Racing Association would receive a loan of $455 million to rebuild Belmont Park under budget bills that were introduced to the state legislature Monday following negotiations between legislative leaders and Gov. Kathy Hochul, a sign that the plan has received a final stamp of approval.

The bills, part of a package of legislation authorizing elements of the state budget, are expected to be passed later this week. Legislative leaders and Hochul had given their support to the Belmont project prior to the bills being negotiated.

The passage of the bills will allow NYRA to tear down Belmont Park and replace it with a smaller, year-round facility approximately one-fifth the size of the current grandstand.