(rshsdepot) Penn Station, New York Mortgage

["James Dent" <james.dent_@_itochu.com>]

Senator: Not so fast on Penn Station loan deal

New York Sen. Charles Schumer wants to prevent Amtrak from using Penn
Station as collateral for a $300 million loan unless there=92s a public d=
ebate
first.

"Before any contract is signed, it should be made public and there should=
 be
a debate," the Democrat said.
If Amtrak were to default on the loan, it would "put a key component of t=
he
transportation system for New York and the entire Northeast Corridor at
risk," Schumer wrote in a letter to Transportation Secretary Norman Minet=
a,
who approved the loan request last week.

Amtrak, which is starved for operating funding, plans to use the loan
proceeds to cover its expenses until the start of its fiscal year in
October. Amtrak blames the cash shortfall on the delayed launch of its Ac=
ela
Express program.

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