Metro Magazine, 7/6/17:
New York lands $537.1M TIFIA loan for train hall redevelopment project
Rendering of Farley Post Office redevelopment. Photos via Gov. Cuomo's office.
U.S. Secretary Elaine L. Chao today announced that the U.S. Department of Transportation’s (U.S. DOT) Build America Bureau will provide a $537.1 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the New York State Urban Development Corporation D/B/A Empire State Development (ESD) for the construction of the Moynihan Train Hall Redevelopment Project. The project aligns with the U.S. DOT’s mission to provide financial support for important infrastructure projects that have met the criteria for the TIFIA credit program.
The project will deliver critical improvements and expansions that will ease congestion and delays and facilitate future passenger demand. The Train Hall will benefit the entire North East Corridor (NEC) service area, as two-thirds of all NEC rail trips pass through Penn Station today.