A proposed budget released on Wednesday by New York Gov. Kathy Hochul included an item that would allow the state to issue bonds that would be used to fund the complete renovation of Belmont Park.

The inclusion of the bond issue is a major breakthrough for the New York Racing Association, which has said that the only viable option for funding the renovation is state-backed bonds. NYRA has been lobbying for the proposal for several years.

In her briefing book describing the $227 billion budget proposal, Hochul’s staff wrote that the issuance of the bonds would “facilitate the move of Aqueduct racing to Belmont, allowing the state to repurpose the Aqueduct property.”