Gateway Development Commission CEO said he would resign effective Aug. 16.

The U.S. Dept. of Transportation is supplying a $6.9-billion grant and $4.1 billion in low-interest loans on top of previously announced federal funding.

Gateway Development Commission expects to award a contract worth more than $1 billion next year.

Prep work has begun as state and federal officials conduct the groundbreaking ceremony.

Officials say the project will improve the "cramped" Manhattan train station and add office space, housing and public areas.