Gov. Mario M. Cuomo of New York yesterday announced the creation of the Queens West Development Corp., a subsidiary of the state's Urban Development Corp. and a major piece of his recently unveiled $7 billion capital program to rejuvenate New York City.

The corporation will oversee the construction of a $23.3 billion commercial and residential project in the borough of Queens along the East River.

About $150 million in funds is expected to be raised by the Urban Development Corp., The New York and New Jersey Port Authority, and the New York City Economic Development Corp. The Port Authority, for example, is expected to sell about $125 million of bonds or notes, secured with authority revenues, to finance land acquisition and the development of infrastructure on the property.

Private developers are expected to provide the bulk of the financing for the project. When completed, it is expected to create more than 9,650 full-time jobs and generate nearly $100 million in sales, income, and business tax revenues for the city and the state. A six member board of directors and a chairman is expected to be named for the Queens West Development Corp. later this year.

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