Gateway Development Commission (GDC) has announced that it submitted all documents required by the Federal Transit Administration (FTA) to reach a Full-Funding Grant Agreement for the Hudson Tunnel Project.
Gateway Development Commission (GDC) has announced that it submitted all documents required by the Federal Transit Administration (FTA) to reach a Full-Funding Grant Agreement for the Hudson Tunnel Project.
According to CEO Kris Kolluri, the GDC is now on a “glidepath” to securing $6.88 billion in Capital Investment Grants (CIG) program funding. This marks the largest federal funding commitment to a mass transit project in modern history.
This update to the Northeast Corridor (NEC) aims to improve commuter and inter-city services, add needed resiliency, and create new capacity for the country’s most heavily used passenger rail line.
The project has involved over 40 legal agreements, facilitated by multiple MS&B teams.
✔️ Terry Brody collaborated with John V. Cavaliere, W. Connor Kimmel, and Richard Gans in assisting GDC with the negotiation of critical project delivery and funding agreements.
✔️ Joseph Baumann worked with Leslie G. London, Jessica Almeida , Ted Del Guercio, and Jessica F. Silva to support GDC to build out operations with governance and address employment compliance issues.
✔️ Finally, John Cavaliere and Matthew Jessup have been hard at work to prepare for the close of financing.
At MS&B, we’re driven to help our clients reach their destinations. We’re grateful to be part of this fast-moving, transformative project.