How do Mayor Bill de Blasio, Gov. Andrew Cuomo, and Metropolitan Transportation Authority Chairman and CEO Thomas Prendergast spell “relief”?
After weeks of very public bickering, threats, and, at times, political posturing, the city, state, and transit agency announced last Saturday that an agreement has been reached on the remaining funding for the MTA Capital Program.
The state has committed to provide $8.3 billion, and the city has committed to provide $2.5 billion. The program, which totals $26.1 billion, outlines the next five years’ worth of vital investments to renew, enhance and expand the MTA network.
It is the largest investment in MTA infrastructure in history, according to the Mayor’s Office.
“Our transit system is the backbone of New York City’s, and our entire region’s, economy. That is why we’re making an historic investment – the City’s largest ever general capital contribution – while ensuring that NYC dollars stay in NYC transit, and giving NYC riders and taxpayers a stronger voice,” de Blasio said. “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.”
Under the agreement reached by the state and city, parties agree to the following:
The state guarantees $8.3 billion to the MTA Capital Program to be provided by state sources. The city guarantees $2.5 billion to be provided to the MTA by city sources. City sources include a guarantee of $1.9 billion from direct city sources and a guarantee of $600 million through alternative non tax levy revenue sources. This agreement is dependent upon all of the conditions below.
The city and state will fund on the same schedule on a proportionate basis.
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 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 Board and with priority consideration given for projects and timing based on input from the those suburban communities.
The state will not divert any funds or fail to provide any funding committed to this Capital Program or due and owing to the MTA for any other expenses unless in accordance with the provisions of Executive Law 182 passed in 2011. Likewise, the city will not divert any funds or fail to provide any funding committed to this Capital Program or due and owing to the MTA for any other expenses.
“This plan will mean a safer, stronger, more reliable transit system for people all over New York, and is crucial in supporting our growing economy,” Cuomo said. “And this program would not have been possible without everyone stepping up to pay their fair share. Today with this agreement, we are making an historic investment not only in the MTA, but in the future of New York.”