The chairman of New York's Metropolitan Transportation Authority late Thursday proposed a series of steps to fully fund the agency's five-year, $32 billion capital plan, which now sits in limbo.
A state review board last fall rejected the MTA's capital plan proposal without prejudice. The MTA is a state agency.
The $32 billion includes $3 billion self-funded through bridge and tunnel tolls. Prendergast said adopting the state's suggestions on design-build and P3 could reduce the remainder from $29 billion to $26.8 billion, and the authority itself could cover about $17 billion of the rest through resources including federal aid, previously committed city and state aid, and MTA cash and bonding capacity.
To cover the remainder, Prendergast called on the city to fund an additional $200 million per year for five years, which would supplement the city's base contribution of $657 million over that period. In addition, he asked city officials to pony up the non-federal share of $1.5 billion to build the next phase of the long-delayed Second Avenue subway line.
Shorris earlier in the week wrote Prendergast expressing interest is discussing funding options.
"City funding of the MTA's operating and capital finance needs has been seriously deficient for many years," wrote Prendergast. "However, over the past decade the city's finances have greatly improved and today the city has greater revenue surpluses than the state."
Should the city cover that, state resources would need to cover the remaining $7.3 billion gap, supplementing its $1 billion base contribution.
