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New York Gov. Andrew Cuomo late last week announced the closing of a financial arrangement that sets the stage for construction to begin on the $1.2 billion redevelopment of the Farley Post Office into a train hall connected to Penn Station in New York City.The project will be a collaboration between the Empire State Development Corp. and Related Cos., Vornado Realty LP and Skanska USA.The 255,000-square-foot Moynihan Train Hall will increase Penn Station's total concourse floor space by more than 50 percent, according to a press release issued by Cuomo's office. The train hall will serve MTA Long Island Rail Road and Amtrak passengers.The project will be funded with $550 million from the state; $420 million from Amtrak, the Metropolitan Transportation Authority, the Port Authority of New York and New Jersey and federal grants; and $630 million from the joint venture developers. Amtrak operates Penn Station.This summer, Amtrak will close some tracks at Penn to make emergency repairs on tracks and switches.In a YouTube video, Amtrak President and Chief Executive Officer Wick Moorman explains the railroad's plan for infrastructure renewal at Penn Station.