NYC’s Turn To Shell Out The Cash
Flushing-Main Street bound 7 train at Queensboro Plaza. Resized photo courtesy of Eye On Transit.
The much maligned 7 line extension is a topic I have blogged about extensively since 2006. For those who don’t recall, I was strongly against this project as I accurately feel there are more pressing projects that need to be done in terms of expansions to our system.
The project has once again made the news as a report in today’s New York Daily News looks into how NYC will have to shell out $46M for this project next year. Adam Lisberg has more:
The city will spend $46 million next year on a subway to nowhere – the first time taxpayers have put cash toward Mayor Bloomberg’s dream of extending the 7 train to the far West Side.
Bloomberg budgeted $300 million for the subway project over the past five years but never spent any of it. Developer fees and investment income had paid the interest on bonds financing the $2.1 billion extension.
Next year, however, Hudson Yards Infrastructure Corp. President Alan Anders expects the city will cover half the $97.5 million interest cost.
“We’re running out of investment earnings,” Anders told the Daily News. “A lot of it will still be covered – maybe half.”
He said the project is on time and under budget, with 60% of the contracts already signed. A proposed second station at 41st St. and 10th Ave. was abandoned to save money, though the Real Estate Board of New York has sought federal funds for it.
Click here for the complete report.
Every time I read or write about this report, I get so angry. I know in my heart of hearts that this project is completely unnecessary & will do next to nothing in terms of improving service or our infrastructure as a whole. All this does is satisfy the obsession of a power hungry Mayor while feeding money towards his cronies. Typical nonsense like this is just one of the many reasons our system is nowhere near where it should be in terms of usefulness & condition for starters.
xoxo Transit Blogger
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