On the heels of Tuesday's announcement that the Moynihan Station project was awarded the necessary funding to begin construction of Phase 1, Gov. David Paterson announced that the State of New York had also signed a Memorandum of Understanding with Amtrak. (A broad term sheet was signed last September.) It is not clear at this time what terms of agreement the MOU includes. More detailed contracts will be signed in months to come.

Gov. Paterson has also officially charged the Empire State Development Corporation and the Port Authority of New York and New Jersey to see the project through. This involves coordinating the multiple agencies involved, negotiating a final agreement with Amtrak, and applying for federal funding. The Port Authority's board must now vote to approve taking on the project.