A key state oversight body approved the financing plan to redevelop Penn Station and its surrounding neighborhood Wednesday, greenlighting one of Gov. Kathy Hochul’s loftiest projects, which is estimated to cost a total of $22 billion.

The Public Authorities Control Board (PACB) — an obscure state board that sank former Gov. Andrew Cuomo’s Amazon project — was charged Wednesday with approving the way the Penn Station project would be funded. A two-page sheet published a day before the vote noted it would rely on 50% federal funds, with New York and New Jersey evenly splitting the rest of the costs. Along with Penn Station’s revitalization, which is expected to cost $7.2 billion alone, the plans will see the construction of 10 skyscrapers around Midtown and the creation of eight acres of open space. The state is calling it one of the biggest projects in city history.

"For far too long, Penn Station has been an overcrowded, cramped, and neglected mess. This vote is a major milestone in our plan to fix Penn Station and transform the surrounding neighborhood," Hochul wrote in a statement after the vote.

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