New York development corporation issued $80.5M federal loan

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The U.S. Department of Transportation’s Build America Bureau recently issued the New York State Urban Development Corporation an $80.5 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.

The New York State Urban Development Corporation does business as Empire State Development. The funding will be applied toward the construction of the Farley Building Transportation Project or Moynihan Train Hall to ensure the completion of security and passenger safety initiatives.

“The Bureau is pleased to support the Moynihan Train Hall project by refinancing the original loan to take advantage of lower interest rates and increase the total loan,” Morteza Farajian, Build America Bureau executive director, said. “The pandemic put a strain on our society, and by working together, we are able to overcome issues and keep important public works projects moving forward.”

In 2017, the corporation received a $526.5 million TIFIA loan. This brings the total funding for the project to $606.7 million.

The project connects the newly built Moynihan Train Hall, located inside of the Farley Building in Midtown Manhattan, to Penn Station via underground access. It also provides improvements that facilitate future passenger demand while easing current congestion and delays.

The Moynihan Train Hall provides ticketing and other facilities for Metropolitan Transportation Authority and Amtrak.