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    1. Technology
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    USDOT increases Empire State Development TIFIA loan to $606.7 million

    Dec. 3, 2021
    The increased funds under the loan will aid in the completion of security and passenger safety initiatives at Moynihan Train Hall.
    Related To: U.S. Department of Transportation (DOT)
    New York Metropolitan Transportation Authority
    The Moynihan Train Hall opened in January 2021.
    The Moynihan Train Hall opened in January 2021.

    The U.S. Department of Transportation’s (USDOT) Build America Bureau has provided a direct $606.7 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the New York State Urban Development Corporation, doing business as Empire State Development, for the construction of the Farley Building Transportation Project or Moynihan Train Hall. USDOT provides TIFIA and other infrastructure financing through the Bureau to help reduce the cost of projects.

    This loan will add up to $80.5 million to the $526.5 million TIFIA loan that closed in 2017 and provide the Moynihan Train Hall a total of up to $606.7 million. The additional loan capacity will ensure 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,” said Build America Bureau Executive Director Morteza Farajian. “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.”

    The project uses underground access to connect the newly-built Moynihan Train Hall located inside of the Farley Building in Midtown Manhattan to New York Penn Station located across Eighth Avenue and makes extensive improvements to ease congestion and delays and facilitate future passenger demand. The Moynihan Train Hall is the new home of Amtrak and serves as the arrivals/departures hall for all Amtrak passengers in New York City. It also provides ticketing and other facilities for MTA’s Long Island Rail Road service.

    The U.S. Department of Transportation’s Build America Bureau was established as a “one-stop-shop” during the Obama Administration to help states and other project sponsors carry out infrastructure projects. The Bureau offers credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The Bipartisan Infrastructure Law, signed by President Biden in November 2021, expands project eligibility for the Bureau’s TIFIA credit program and extends maturity of the loans, giving borrowers additional flexibility.

    To date, the Bureau has provide more than $36.2 billion in financing through the TIFIA credit program, supporting more than $123.2 billion in infrastructure investment across the country.