In
February 2012, during his State of the City Address, Comptroller Liu
proposed the Capital Acceleration Plan, which was designed to create
thousands of jobs, enhance the City’s aging infrastructure, and save
taxpayer dollars. Details of the plan were released in May 2012. In the
months since then, the Comptroller’s office has been in discussions
with the Mayor’s Office and the City Council about
its implementation. The plan as announced today will:
·
Accelerate $1 billion in already approved projects from the City’s Capital Plan
(school construction, road repairs, park upgrades, etc.)
· Create 8,000 jobs
· Save more than $200 million in debt service by taking advantage of historically low interest rates
Below is the official announcement by Mayor Bloomberg.
_____________________________________________________
· Create 8,000 jobs
· Save more than $200 million in debt service by taking advantage of historically low interest rates
Below is the official announcement by Mayor Bloomberg.
_____________________________________________________
The City of New York
Office of the Mayor
New York, NY 10007
MAYOR BLOOMBERG, COMPTROLLER LIU AND SPEAKER QUINN ANNOUNCE PROGRAM TO ACCELERATE FUNDING FOR CRITICAL INFRASTRUCTURE PROJECTS
Plan
Will Make more than $1 Billion Available for Necessary Infrastructure
Investments, Including Repairs to Roadways, Waterfront and Schools
Mayor Michael R. Bloomberg, City Comptroller John C. Liu and City
Council Speaker Christine C. Quinn today announced changes to the City’s
four-year Capital Commitment Plan to accelerate work on more than $1
billion of critical infrastructure projects throughout the city. The
changes will accelerate capital commitments to projects that are in
progress or are ready to begin and, in many cases, could be completed
within the next 20 months. By accelerating key infrastructure projects,
the City will add to the record amount of annual capital investment made
since 2002, which have helped sustain essential services and keep New
Yorkers safe. The authorized projects include road and bridge repairs,
waterfront infrastructure development, and improvements to schools and
libraries. Comptroller Liu first raised the idea for an accelerated
capital spending plan earlier this year. The Administration and
Comptroller worked to structure the finances for the changes, and the
Administration and City Council worked to identify areas where
accelerated investment would meet immediate needs and provide for
long-term savings. The Mayor, Comptroller and Speaker made the
announcement today in the Blue Room at City Hall.
“Throughout our Administration, during good economic times and bad, one
thing has remained constant: We’ve continued to invest in New York
City’s future,” said Mayor Bloomberg. “Working with Comptroller Liu and
Speaker Quinn, we were able to move beyond our different opinions to
finalize a plan that fast-tracks critical infrastructure projects.
Efforts like this one are what make City government effective and are
yet another example of how, in contrast to places like Washington where
people from opposing parties or ideas cannot get anything accomplished,
here in New York City, we can work together to what is right for our
city.”
“Tough economic times demand creative solutions like this Capital
Acceleration Plan,” said Comptroller Liu. “Put simply, this plan will
deliver a much-needed shot in the arm to our City’s economy. Creating
good jobs, accelerating infrastructure improvements and realizing
long-term cost savings are a winning trifecta for our city’s taxpayers. I
applaud the Mayor and the City Council for recognizing this as a good
idea and following through on it.”
“The City Council has long recognized the importance of the City’s
capital construction program, both for its value as investment in
infrastructure, and for the role it plays as economic stimulus and job
creation,” said Speaker Quinn. “Now is the time to take advantage of low
interest rates and construction costs and accelerate sorely needed
construction projects while creating close to 10,000 jobs over the next
two fiscal years. I want to thank Mayor Bloomberg for working with the
Council and Comptroller Liu to make this smart investment in our city’s
future.”
The accelerated investment program will fund projects that are a part
of the four-year Capital Commitment Plan. An update of the plan was also
released today, as required by the City Charter. The projects represent
basic but critical work across several City agencies. Expediting their
start and construction timetables will allow the City to take advantage
of low borrowing interest rates and construction costs, saving taxpayers
more than $200 million over the life of the bonds and creating an
estimated 8,000 jobs.
The City will move up capital commitments to FY 2013 and FY 2014 for
certain projects that were to be done later in the capital plan. The
projects set for accelerated capital funding include:
$175 million in FY 2013 and $115 million in FY 2014 for repairs and upgrades to 100 school buildings
$59.8 million to resurface additional 300 lane-miles of roadway
$37.7 million on street reconstruction
$19.1 million for vehicular and pedestrian bridge repair
$13.2 million for waterfront infrastructure
Under Mayor Bloomberg, the city has invested $89 billion in capital commitments from FY 2002 through FY 2012 - more than any administration in city history. The City sustained record annual investment even as the economic downturn required budget gap closing measures.