The Hudson Yards Infrastructure Corporation (the "Corporation") is a local development corporation created in 2005 by the City of New York (the "City") under the Not-For-Profit Corporation Law of the State of New York. The Corporation was created to finance certain property acquisition and infrastructure work (the "Project"), including the extension of the No. 7 subway line, as part of the development of the Hudson Yards Financing District, 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 Corporation's bonds are secured by revenues of the Corporation, including payments in lieu of taxes and payments in lieu of mortgage recording tax collected within the Hudson Yards Financing District and certain payments from the City, subject to annual appropriation. On May 30, 2017, the Corporation issued approximately $2.1 billion of refunding bonds which refinanced all of its initial $2 billion bond issue and a portion of its second bond issue under a new legal structure. This enabled the Corporation to transfer to the City in the future any excess revenues over and above amounts needed for debt service requirements.
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