Schumer announces rail center funding

NEW YORK Sen. Charles Schumer said Tuesday that the funding from the American Reinvestment and Recovery Act means that the first phase of the long-delayed project can go forward this year. The new station is to be named after the late Sen. Daniel Patrick Moynihan.

Phase I of the project will include infrastructure improvements like new escalators and elevators for better access to train platforms.

It should be completed by 2015 and is the prerequisite to Phase II - actually moving the train station from the site it shares with Madison Square Garden to the Post Office building across the street.

Phase II will cost $1 billion to $1.5 billion and must be funded separately.