Mission Statement - HYIC

Hudson Yards Infrastructure Corporation


Mission Statement

Mission Statement
Municipal Advisor Disclosure
Current Activities & Operations
Contact the HYIC

Mission Statement

Municipal Advisor Disclosure

Current Activities & Operations

Contact the HYIC


Mission Statement and Performance Measurements

Hudson Yard Subway Interior View

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, tax equivalency payments, payments in lieu of mortgage recording tax and certain developer payments collected within the Hudson Yards Financing District and certain payments from the City, including Interest Support Payments whereby the City agrees to pay the Corporation amounts needed to cover interest payments if not otherwise funded with other revenues, 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 certain excess revenues over and above amounts needed for debt service requirements. On October 27, 2021, the Corporation issued approximately $454 million in refunding bonds to refinance the amounts remaining outstanding under its second bond issue to achieve debt service savings. Pursuant to City Council authorization, on February 8, 2019, the Corporation entered into a Term Loan Agreement whereby the Corporation could draw up to $350 million to fund additional costs of the Project, including an extension of parks from 36th street to 39th street. The Term Loan was subsequently amended, and the current commitment amount stands at $380 million.

The Corporation's mission is to promote economic development and growth on the west side of mid-town Manhattan and conduct its activities in a cost-effective and efficient manner. The Corporation works diligently and cooperatively with the Hudson Yards Development Corporation, the Metropolitan Transportation Authority, and the City towards completion of the Project.

The Corporation’s stakeholders are its bondholders, who have purchased the Corporation’s bonds and notes in reliance on the strong credit of the Corporation, and the City, which benefits from the economic development and growth on the west side of mid-town Manhattan.

Date Adopted: October 4, 2007 and amended on March 2, 2011, April 2, 2013, May 13, 2014, April 27, 2018, April 29, 2019, April 28, 2022 and May 8, 2023.

List of Performance Goals:

Issue debt to support capital needs of the Project, subject to the conditions set forth in the Corporation’s applicable indentures.

Make timely payments of debt service and meet other contractual obligations

Utilize efficient and cost-effective borrowing methods, including lowering the cost of debt through refunding and other means

Measurements:

Does the Corporation have sufficient legal authorization to support the capital needs of the Project, subject to the conditions set forth in its indenture?

Has the Corporation paid debt service and fulfilled its other obligations related to its outstanding debt in a timely manner?

Has the Corporation issued debt at fair and reasonable rates relative to market conditions at the time of issuance?

Has the Corporation complied with its continuing disclosure undertakings?

Additional questions:

Have the board members acknowledged that they have read and understood the mission of the Corporation?

Who has the power to appoint the management of the Corporation?

If the Board appoints management, do you have a policy you follow when appointing the management of the Corporation?

Briefly describe the role of the Board and the role of management in the implementation of the mission.

Has the Board acknowledged that they have read and understood the responses to each of these questions?