The plan to renovate and expand Penn Station took a big step Wednesday when a key state oversight board approved the financing proposal.
The redevelopment is estimated to cost over $20B and is promising to transform not only the transit hub but the surrounding neighborhoods as well.
The Public Authorities Control Board voted for a non-binding agreement on how the state will reimburse New York City for possibly billions in lost tax revenue, while board members made clear key information was missing on how the massive real state development in the area around Penn Station would be funded.
Some members demanded to know how much the feds will contribute before discussing support for the non-transportation-related aspects of the Governor's plan.
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