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The U.S. Department of Transportation has given NYC $2.85 billion for the renovation of 3 transit sites. When Secretary of Transportation Norman Minetta was asked where the money is, he said, "It's in the mail," with Mayor Bloomberg showing his expertise in billion dollar transactions by further explaining, "The federal government doesn't drive up a truck into the back and out pours bills." But that would be cooler. It turned out that $750 million was wired yesterday morning to fund a new Fulton Street Transit Center and later another $400 million was wired for a South Ferry station. Another transfer of $1.7 billion is expected later for the new PATH station.

More about the federal down payment.