NEW YORK — Governor Andrew Cuomo, Mayor Bill de Blasio and the MTA announced on Saturday a $26.1 billion agreement to fund the MTA Capital Program.
New York state will invest $8.3 billion into the program, the state announced in a press conference. New York City upped its offer this week to $2.5 billion on the condition that the state could not tap into the capital fund for other uses.
“This MTA Capital Plan is what we need to make the system smarter and more resilient, facilitating major upgrades, expansions and building crucial pieces of equipment so that riders are not forced to accept the failures of outdated infrastructure,” Governor Cuomo said in a press release.
The money will go towards fixing, building and expanding the MTA for the next five years. This includes buying new subway cars and railroad cars, renewing MTA bridges and tunnels, and adding security measures to make the subway safer. This is the largest MTA infrastructure investment in history.
“Our transit system is the backbone of New York City’s, and our entire region’s, economy,” Mayor de Blasio said. “That is why we’re making an historic investment – the City’s largest ever general capital contribution – while ensuring that NYC dollars stay in NYC transit, and giving NYC riders and taxpayers a stronger voice.”
The funds will also be used to repair damages caused by Hurricane Sandy that have not been repaired yet.
The program was proposed last September, originally with a $32 billion budget.
The MTA board is scheduled to meet on Oct. 28 to approve a capital plan.