“This is going to be the largest investment in the MTA in modern political history”, Cuomo said before stepping off for the Columbus Day parade on Fifth Avenue.
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The governor and mayor, both Democrats, have bickered over the funding formula since May, when Cuomo said the city should raise its contribution to $3.2 billion from $657 million.
Transit advocacy groups, including the Straphangers Campaign, Tri-State Transportation Campaign, Transportation Alternatives and Pratt Center for Community Development, called the deal “good news” and the promised $26.1 billion a significant shot in the arm for “a transit system that has suffered from decades of underinvestment by the city and state”.
“Under today’s interest rates, you get a lot more money bonding than you do just paying it directly, he said”.
A deal has finally been struck to fund the New York City region’s mass transit capital spending program, ensuring that vitally needed infrastructure upgrades – including repairs to damage wrought by Superstorm Sandy – will be underwritten for the next five years.
“The state stepped up to the plate, and I’m glad that the city stepped up to the plate”, Cuomo said.
Mike Groll/AP Mayor de Blasio (l.) and Gov. Cuomo (r.) agreed on a deal to help the MTA fund a five-year $26.1 billion capital project.
Cuomo says he has no intention of slowing down the state’s investment in infrastructure, saying such efforts make New York competitive.
The fund had become the latest front in the ongoing feud between Cuomo and de Blasio, with the pair sniping at each other in recent weeks over how much the city would contribute.
Local officials have said more ambitious plans aren’t possible without significantly more federal funding. “I look forward to continuing to partner with the Governor and the MTA to ensure a transit system that reliably, effectively, and safely serves all of its riders”. Cuomo was pushing to up that to $3.2 billion. A report from the Independent Budget Office said the city’s contribution to the plan had not kept up with inflation.
Projects in the City which are funded by the $2.5 billion committed by the City (including projects funded through non tax levy sources agreed to with the MTA) will be planned by the MTA Board in collaboration with the City representatives on the MTA Board, with priority consideration given for projects and timing based on input from the City. Likewise suburban projects which are funded by the suburbs will be planned by the MTA Board in collaboration with suburban representatives on the MTA Board and with priority consideration given for projects and timing based on input from the those suburban communities.
Mitch Pally, an MTA board member who sits on the capital program oversight committee, said he’s OK with the state borrowing money for the authority.
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Cuomo and de Blasio, who have been openly feuding since July, marched separately in the parade. “Working together, we got to a cooperative outcome that absolutely will strengthen the MTA”.
