(DNAINFO) Maya Rajamani | June 1, 2016 — The city has shelled out tens of millions of dollars more than it anticipated to cover interest-support payments on the sprawling Hudson Yards development, a report revealed.

In 2005, the city created the Hudson Yards Infrastructure Corporation (HYIC) to fund improvements on the far West Side, including the 7-train subway expansion and the tentatively named Hudson Boulevard Park, via $3 billion in bonds.

Revenue from taxpayers moving into the neighborhood was supposed to cover interest on the bonds, but the city’s Independent Budget Office found the city has given HYIC nearly $360 million in interest-support payments since 2006.

A Cushman and Wakefield study released in 2006 estimated those payments would cost between $7.4 million and $205.3 million, the IBO report said.

Source: City Paid Millions More Than Expected on Hudson Yards Interest, Report Says – Hell’s Kitchen & Clinton – DNAinfo New York