New York Building Congress Rebuild and Renew Transportation Bond Act of 2005 Statement of Support

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September 13, 2005 — The Board of Directors of the New York Building Congress strongly endorses New York State’s $2.9 billion Rebuild and Renew Transportation Bond Act of 2005 and encourages industry-wide and public support for this important ballot initiative. With matching federal funds included, the Bond Act would provide $7 billion for transportation projects throughout the State.

Passage of this Bond Act is vital to the State’s and City’s economic future. It will support the maintenance and expansion of New York’s transportation infrastructure so essential for the region’s continued growth and overall quality of life.

By improving system-wide reliability and permitting the Metropolitan Transportation Authority (MTA) to move forward on key expansion projects, passage of the Bond Act will help save New Yorkers time, ease traffic congestion, improve the environment, create thousands of jobs and generate billions of dollars in economic activity.

Specifically, the 2005 Bond Act will provide $1.45 billion for critical regional transit needs including: $450 million for ongoing subway station rehabilitation, new rail cars, rail bridge repairs, and other capital investments; $900 million for the East Side Access and Second Avenue Subway projects; and $100 million for initial work on a JFK to Lower Manhattan rail link.

Furthermore, the Federal Government has already earmarked approximately $2.6 billion in matching funds to East Side Access and $1.3 billion to the Second Avenue Subway within the 2005-2009 capital program. Defeat of the Bond Act could jeopardize this $4 billion in federal contributions which could then be re-allocated to other states.

In addition, the Bond Act will provide $1.45 billion to the New York State Department of Transportation (NYSDOT) for the maintenance and improvement of its statewide system of highways, bridges, rails, ports and other critical transportation infrastructure. Funding for specific upstate transportation needs would include more than $100 million in rehabilitation for Interstate 87 in the Capital Region, repairs to Interstate 81 and $125 million for projects in Steuben and Chemung counties.

The Building Congress continues to believe dedicated funding is the most effective approach to long-term transportation financing, just as the vital maintenance and expansion of New York City’s complex drinking water system is financed by dedicated funds from user charges. However, failure to pass the 2005 Bond Act would result in potentially devastating impacts on the metropolitan region’s transportation network. Without the Bond Act and matching federal funds, expansion projects would grind to a halt; and system reliability would be seriously jeopardized.

The Building Congress urges the industry and the public to vote yes for the 2005 Renew and Rebuild Transportation Bond Act on November 8.

 

The New York Building Congress is a membership coalition of business, labor, association and government organizations promoting the design, construction and real estate industry in New York City.