Empire State Development has recently received additional funding from the U.S. Department of Transportation (DOT) Build America Bureau for the construction of the Farley Building Transportation Project, also known as Moynihan Train Hall, in New York City.
The loan will add $80 million to the $526.5 million TIFIA loan that closed in 2017, a Nov. 29 DOT press release said. A total of $606.7 million is now dedicated to the project. The additional funds aim 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,” Build America Bureau Executive Director Morteza Farajian said in the release. “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.”
Using underground access, the project will connect the newly-built Moynihan Train Hall located inside the Farley Building in Midtown Manhattan to nearby Penn Station, the release said. The development also aims to make extensive improvements towards easing congestion and delays.
The Moynihan Train Hall is the new epicenter for Amtrak, serving as the arrivals/departures hall for all passengers in NYC, according to Amtrak.com.
Established during the Obama administration, the Build America Bureau was designed to be a “one-stop-shop” to help states and other project sponsors carry out infrastructure projects, the release said. The Bureau “offers credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation” with the Bipartisan Infrastructure Law being touted by President Joe Biden as expanding project eligibility for the Bureau’s TIFIA credit program.
To date, the Bureau has invested upwards of $36 billion in financing through the TIFIA credit program, amounting to more than $123.2 billion in infrastructure contributions across the country, according to DOT.
