Federal Government Won’t Bail Out The MTA

As you probably have heard by now, the much hyped Fulton Transit Center is behind schedule & over budget. If the MTA was wishing the federal government would bail them out with this project, they better go back to the wishing well & try again. New York Daily News Transit Reporter Pete Donohue has the story:

The Federal Transit Administration won’t bail out the MTA’s troubled Fulton St. subway hub with an infusion of more money, a top Bush administration official said.

“Absolutely not. That’s capped out,” federal transit Administrator James Simpson said Tuesday when asked if the FTA would increase its commitment for the Fulton Transit Center.

An MTA-FTA funding agreement commits the feds to $819 million. Another $40 million is set aside in reserve funds. Plans call for overhauling the existing Fulton/Broadway/Nassau St. subway complex and creating a grand, domed entrance building with retail space.

In January, MTA officials said they were short $1 billion for expansion projects because of rising costs.

The MTA said work on the underground parts of the project – including a new walkway connecting 11 subway lines downtown – would continue, but it couldn’t afford the above-ground components.

“We are continuing make great progress on underground work …,” MTA spokesman Jeremy Soffin said.

One has to seriously wonder if this project will ever be done. The MTA is supposedly $1 billion+ over budget for the project. They can’t make up their mind on what the outside design should look like, & their overall financial picture is as bleak as it has been in ages. This sorely needed project better have 9 lives times maybe 1000 as it will need each & every one of them.

xoxo Transit Blogger

If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.


No comments yet.

Leave a comment