How Much Will New Yorkers Pay For Trump's Penn Station Redevelopment Scheme? - Streetsblog New York City

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"Andy Byford, who's in charge of the federal effort to build a new Penn Station, has shed a small amount of light on how the project is going to be paid for, but the math on the project suggests that New Yorkers will pay for the project one way or the other even though Amtrak seized control of the redevelopment project. The plan relies on Amtrak hiring a private developer to design, build, operate and finance the project. It's unclear right now how much the private developer will put up - since Byford has shied away from revealing the full price tag because he says he wants to see what developers come back with after Amtrak issues a request for proposals."

""Imagine, say, the project was $5 billion," Byford last week told the Permanent Citizens Advisory Committee to the MTA in a meeting. "If we can raise $4 billion from grants, from loans, from states, from the feds, from the city," it would still leave a gap of $1 billion for a private developer to fill. The price tag is more likely much closer to $8 billion."

Streetsblog requests tax-deductible donations to sustain free journalism and support efforts to reduce car dependency while offering incentives for major donors and promoting more livable, walkable cities. Andy Byford provided limited clarity on how Penn Station redevelopment will be financed, explaining Amtrak plans to hire a private developer to design, build, operate, and finance the project. Byford offered a hypothetical $5 billion scenario with $4 billion from grants, loans, and government sources, leaving a $1 billion private financing gap. Observers estimate the total project cost is more likely nearer $8 billion, and a 2020 MTA internal report attached costs to single-level concourse improvements.

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