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A new thread on plans for Washington's Union Station is appropriate.  Although the topic popped up in a high-speed rail thread, re-developing the station has little do so with high-speed rail. The plans could go forward without high-speed rail and vice versa. If you are happy with the recent news articles that Amtrak is going to spend $7 billion to redevelop Washington's Union Station, read no further. However, if you would like to know how the station is governed and, therefore, how the re-development process will be overseen, as well as its current financial status, you may be interested in the following.  The U.S. Department of Transportation is the owner of Washington's Union Station Complex.  It is managed by the Union Station Redevelopment Corporation, which is a federally chartered, privately owned non-profit corporation.  It was established to enter into a public/private partnership to refurbish and manage Union Station. The USRC Board of Directors overseas the station's operations.  The U.S. Secretary of Transportation is the board chair, and the Amtrak President is the vice chair.  The other members of the board are the D.C. Mayor, the Federal Railroad Administrator, and the Federal City Council President. Union Station Investco, LLC holds a 99 year least to manage the station property, whilst Union Station Parking Group, LLC leases and operates the parking garage.  Jones Lang LaSalle Americas, Inc., as the property manager, overseas Amtrak's leases on its offices, ticket counters, and waiting areas.  It also manages the numerous retail leases associated with Union Station. Amtrak's improvements presumably would have to be approved by the board. Amtrak is only one voice on it.  To say or imply that Amtrak is going to re-develop the station by itself is not correct. Actually, its press release acknowledges that the master plan was developed with input from other tenants, but implies strongly that it is an Amtrak plan. That would not relieve it from obtaining board approval for its plan..     If the previous public/private financing arrangement is followed, approximately 45 per cent of the monies would come from Amtrak, with the remainder coming from the other railroad tenants, District of Columbia, and private developers.  The station is self-sustaining. It is not dependent on taxpayer support. Moreover, since it's re-opening in 1988 as a railroad station, not to be confused with its prior role as the National Visitor's Center, it appears to have covered all of operating and capital costs.  At the end of FY11 it had net assets of $35.2 million, which indicates that it has been managed soundly. However, on its face, this figure is a bit misleading. At the end of FY10 the net assets were a bit over $800,000.  The increase in the net assets as per the end of FY11 resulted from the issuance of $30 million in new notes.  For the years ended FY11 and FY 10 revenues were $11.4 and $10.3 million.  Expenses were $7.2 and $6.0 million, resulting in an increase in net assets of $4.3 and $4.2 million before an adjustment in FY11 for an unrealized loss on interest rate swaps of $2.9 million. This is a good example of a public/private partnership that works.  The public sector and the private sector have gotten or are getting their investment back.  In fact, they are turning a profit whilst doing so.
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