Hudson Yards Agency Will Issue NYC’s First Green Bond
Hudson Yards Infrastructure Corporation (HYIC) will sell the first green bond issued by a city-related entity. Proceeds from the $450-million bond sale, which follows HYIC credit ratings upgrades last week, will be used to refinance bonds issued in 2012 to fund the extension of the Number 7 Subway Line to Manhattan’s West Side, a project that was completed in 2015
The subway extension has helped mitigate the impact of climate change by encouraging low-carbon transportation and has fostered the development of the Hudson Yards mixed-use district.
“With this historic green bond sale, the first of its kind by a New York City-related entity, the City is safeguarding its future—financially and environmentally,” said NYC Comptroller Scott Stringer. “I am pleased that these bonds are being issued as Green Bonds in recognition of the benefits of mass transit and continue to urge the creation of a robust, citywide Green Bond program.”
Photo courtesy of the Metropolitan Transportation Authority.
- ◦Financing