Current Activities, Operations, and Accomplishments

The Hudson Yards Infrastructure Corporation (the “Corporation”) was created to issue bonds to finance certain property acquisition and infrastructure work in the approximately 45-square block area generally bounded by Seventh and Eighth Avenues on the east, West 43rd Street on the north, Eleventh and Twelfth Avenues on the west, and West 29th and 30th Streets on the south (the “HYFD”), in order to promote economic development in that area. The Corporation issued its 2007A bonds in December 2006 and its 2012A bonds in October 2011. In May 2017, the Corporation refunded all of the 2007A issue and a portion of the 2012A issue. In October 2021, the Corporation refunded the remainder of the 2012A issue. As of June 30, 2025, the Corporation has approximately $2.4 billion of bonds outstanding. As a result of the 2017 refunding, the Corporation is able to remit surplus revenues to the City after funding annual debt service requirements and its annual operating costs.

In February 2019 the Corporation entered into a Term Loan Agreement that currently provides up to $380 million to finance to pay for the costs of expanding the Hudson Park & Boulevard within the HYFD. There have been cumulative loan draws of $108.5 million as of June 30, 2025. During Fiscal Year 2025, Corporation receipts totaled approximately $529 million, including $263 million of Payments in Lieu of Taxes, $187 million of Tax Equivalency Payments, $34 million in interest earnings, and $45 million of Payments in Lieu of Mortgage Recording Taxes. During the year, the Corporation disbursed approximately $18 million related to the development of the HYFD (the “Project”) and remitted $394 million to the City. The Corporation did not issue any bonds during the Fiscal Year ending June 30, 2025.

The Corporation’s operations consist of carrying out the requirements of its indenture, including collecting revenues, applying revenues to pay principal and interest on its bonds, disbursing bond proceeds and/or loan proceeds to pay Project costs and complying with annual continuing disclosure requirements and federal tax law in order to maintain the tax exemption of its bonds.