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11/10/2005
Rail News: Rail Industry Trends
New York state residents OK $2.9 billion transportation plan
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On Tuesday, New York state voters approved the Rebuild and Renew Transportation Bond Act, a $2.9 billion transit system and road improvement plan. The funds will be split between New York Metropolitan Transportation Authority (MTA) and the New York State Department of Transportation.
MTA will use its $1.45 billion share to help fund a series of projects included in its 2005-2009 capital program. The authority will spend $450 million on core improvements for New York City Transit (NYCT), Long Island Rail Road (LIRR) and Metro-North Railroad, such as purchasing passenger cars, replacing track, upgrading tunnel lighting and improving station parking.
MTA will commit $450 million toward LIRR’s $6 billion East Side Access Project, which will bring commuter-rail service to Grand Central Terminal.
In addition, the authority will spend $450 million on the first phase of the Second Avenue Subway project, which will enable NYCT to provide subway service between 125th Street and lower Manhattan.
Finally, MTA will use the remaining $100 million to begin work on the JFK Rail Link, which will link lower Manhattan, Jamaica and JFK International Airport.
MTA will use its $1.45 billion share to help fund a series of projects included in its 2005-2009 capital program. The authority will spend $450 million on core improvements for New York City Transit (NYCT), Long Island Rail Road (LIRR) and Metro-North Railroad, such as purchasing passenger cars, replacing track, upgrading tunnel lighting and improving station parking.
MTA will commit $450 million toward LIRR’s $6 billion East Side Access Project, which will bring commuter-rail service to Grand Central Terminal.
In addition, the authority will spend $450 million on the first phase of the Second Avenue Subway project, which will enable NYCT to provide subway service between 125th Street and lower Manhattan.
Finally, MTA will use the remaining $100 million to begin work on the JFK Rail Link, which will link lower Manhattan, Jamaica and JFK International Airport.
