MTA proposes $51.5 billion plan to fix the transit system

Kimberly Dole
September 16, 2019 - 1:28 pm

MTA

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NEW YORK (1010 WINS) -- The MTA released the 2020-2024 Capital Plan on Monday that proposes investing $51.5 billion into the region’s subways, buses and railroads over the next five years in order to fix and create a faster, more accessible, and more reliable public transportation system.

The proposed investment is the highest in the MTA’s history, increasing spending on infrastructure, which were already the highest ever.

The program plans to invest more than $40 billion in New York City Transit’s subways and buses alone as well as major investment in the Long Island Railroad and Metro-North.

"This proposed 2020-2024 Capital Program – the most ambitious capital plan in the agency’s history – builds on the success of the Subway Action Plan, and with new tools such as DesignBuild and the reorganization that is underway we’re certain we can deliver for our customers," said Patrick J. Foye, MTA Chairman & CEO.

The program will deliver major benefits, including more frequent and reliable service on 6 line, serving over 50 percent of riders through modernized signaling, 70 new ADA-accessible stations, beginning now, $6.1 billion wil be spent on more than 1,900 new subway cars, more than 2,400 new buses and hundreds of new commuter rail cars.

Full funding for Second Avenue Subway Phase 2 and construction of four new Metro-North stations in the Bronx is also included in the plan.

"This plan expands service, increases reliability, speeds up the system, and delivers the world’s largest ever investment in accessibility, for both NYC Transit and the MTA’s commuter railroads, and at the end of this five-year period, New Yorkers will see a revitalized and modern system for the 21st century and beyond." Foye adds.

The single largest source of funds for the plan is $25 billion and will come from bonds backed by new revenue streams authorized in this year’s State budget.

This included $15 billion from central business district tolling that was passed by the legislature and signed into law in April by Governor Cuomo as part of the State’s FY 2020 budget.

The MTA anticipates receiving $10.68 billion from federal funding programs and another $10 billion will come from bonds backed by newly established revenue sources dedicated to public transportation: a progressive tax on high-end real estate sales and the elimination of the internet tax advantage.

$3 billion had been pledged by the State of New York under Governor Cuomo, subject to approval by the legislature, and the City of New York under Mayor Bill de Blasio has been asked to pledge an equal amount.

The remaining $9.8 billion will come from the MTA in the form of pay-as-you-go capital contributions and bonds backed by longstanding dedicated taxes, fares and revenues from existing tolling.

The details for the proposed capital program can be seen here.

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