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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.

Monserrate, who was a longtime opponent to the plan, praised the deal.

"This is a historic plan for the future of Queens," said Monserrate, joined on the steps of City Hall by the community group ACORN and the Queens for Affordable Housing Coalition at the announcement. "It will bring jobs, housing, good, prevailing wage jobs. It will clean up our community. Willets Point will now be a destination, not just for the borough of Queens, but for the city of New York."

There will also be an 850-seat school built in the area and a convention center; 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, which does not do away with the need for the city to invoke eminent domain to secure the land, was reached one day before a slated City Council vote on the matter.

At a news conference Wednesday, the deputy mayor insisted that eminent domain will only be used as a last resort.

John Liu, a member of the councils Land Use Committee, believes Wednesday's agreement will likely pass the full council. Other city representatives also said they believe the proposal will pass.

"This redevelopment project will create a major force in our economic engine in the city just at a time when we need it most," said City Council Speaker Christine Quinn.

However, not all council members are on board.

"The major issue was never the percentage of affordable housing, the major issue is the taking of legitimate private businesses by the state for other private businesses," said City Councilman Peter Vallone Jr. "That issue has still not been fully addressed."

Also not pleased with the agreement are some local store and land owners. Many were outraged and expressed their frustration with Monserrate by painting over his name on his campaign bus.

Opponents say they feel that they were abandoned by the their councilman.

"All year we were fighting with Monserrate and he promised to us that he would fight for us, for the rights of the people of Willets Point, not to let Mr. Michael Bloomberg and these people do what they're doing to us," said one Willets Point worker.

"You stand up to fight for something, you're supposed to finish it to the end," said another worker. "I mean, the last second, he just threw everybody under the bus."

The Willets Point Industry and Realty Association, which represents a majority of the landowners, released a statement Wednesday saying, "While the city may claim they [it] control the majority of the land, many substantial businesses and many members within our group still have not begun or concluded negotiations. We feel the announcement today on an agreement reached at Willets Point are [is] premature."

Tuesday, one of the main opposing Willets Point business owners finalized a land acquisition deal with the city.

Feinstein Iron Works has agreed to sell its property of a little less than an acre to the city.

The deal gives the city control of about 47 percent of the 62-acre industrial area near Shea Stadium.