Funding for MTA capital projects such as East Side Access, the Second Avenue Subway, and the 7 Subway Extension were included in the Rebuild and Renew Transportation Bond Act of 2005. As part of this act, the state would take on $2.9 billion in debt to issue bonds to fund these projects. Voters ultimately approved the bond issue by a margin of 55% to 44%. The federal government committed to provide $2.6 billion to help build the project by signing a full funding grant agreement in December 2006. The construction contract for a tunnel in Manhattan westward and southward from the dormant lower level of the 63rd Street Tunnel to the new station beneath Grand Central Terminal was awarded in July 2006. The contract went to Dragados/Judlau, a joint American–Spanish venture whose American headquarters were in College Point, Queens, close to the East Side Access site. The total contract award was $428 million and used two large tunnel boring machines. After Hurricane Sandy flooded the East River Tunnels between Queens and Penn Station in 2012, officials prioritized the construction of East Side Access so that LIRR trains could be diverted to Grand Central, allowing the East River Tunnels to be renovated.