Key elements of the plan call for the expansion of the No. 7 subway line with major stops at 34th Street and 11th Avenue, and 41st Street and 10th Avenue as well as the creation of a platform over the Eastern Rail Yards, from 30th & 33rd streets between 10th & 11th avenues, to create a six-acre park and to allow for development by private developers and cultural institutions. Other infrastructure improvements will include a new street system and parks.

The three senior managing underwriters for the issuance of the bonds will be Goldman, Sachs & Co., JPMorgan and Bear, Stearns & Co.

Three principal sources of finance revenue are expected to come from Pilot payments from private developers, contributions by developers to an improvement fund to obtain a floor area bonus and from the sale of development rights on the rail yards.