NEW YORK — New York’s construction industry is poised to pay off a $10.7 billion bond as it begins to tap a growing pool of money to finance its $7.2 billion project to rebuild and revitalize downtown.
New York’s bond issuance is part of a $2.3 billion plan to finance the massive project, which is expected to cost $7 billion.
The bond program, called “Project Connect,” is expected in the next few weeks.
The $2 billion is meant to fund the construction of a high-speed train and a new PATH station that will connect Manhattan to lower Manhattan.
The $2 million in bonds will go to the project, but the total is expected, with some of it going toward the cost of building the stations.
The funds will go toward the construction and renovation of a new station, PATH train, and an expansion of the PATH station and PATH train platform.
New Yorkers are eager to see the projects, which have been in the works for years, completed and are looking forward to the new stations, the train and the expansion of PATH.
The City Council approved the bond last week, citing the need to finance large-scale infrastructure projects.
In the past, the city has relied on municipal bonds to finance other major projects such as major renovations and improvements to the Port Authority Bus Terminal and the New York State Thruway Authority.
New projects that have been financed through bonds have included the construction in Manhattan of a subway extension and the extension of PATH to Queens.
The project to expand PATH to Brooklyn is being financed through the construction bonds.
New investments in New York have come with a price tag, however, with the construction companies that built the projects now paying more for their upkeep.
In New York, construction companies have been required to pay out about $200,000 per project.
That includes the $2,000 cost of the building of the new train and PATH station, the $150,000 construction of the existing PATH train and station, and $250,000 for each of the stations in Queens.