New York Gov. Andrew Cuomo is proposing using much of $5.4 billion in available legal settlement funds to pay for infrastructure needs and toll subsidies.
In Cuomo's state of the state address Wednesday afternoon, the Democratic governor outlined plans to earmark $1.3 billion in the legal settlement monies for repairs to the Tappan Zee Bridge and to freeze toll increases on the New York Thruway.
Cuomo also proposes utilizing $500 million in settlement funds for high speed broadband and $400 million for improvements to hospitals in upstate New York. He would also use $150 million to construct parking structures at "strategic locations" on Long Island and in Westchester County.
"A growing economy also needs to invest in its infrastructure," said Cuomo in his address.
Cuomo said $1.5 billion in the settlement funds will go toward upstate revitalization projects with $850 million used for federal liabilities. The $5.4 billion in funds derived from settlements with law enforcement agencies where state received a penalty.
"We must carefully and publicly consider our options to maximize the potential of these dollars," said New York State Comptroller Thomas DiNapoli in a statement. "This money should be used to fix our aging infrastructure or pay for other one-time expenses."
Cuomo also announced plans to invest $65 million to enhance port facilities in Oswego, Albany and Ogdensburg. He is also proposing investing $50 million to transform the New York State Fairgrounds into a year-round multi-use facility
