The woefully under-financed MTA may finally be getting a funding infusion from the city after countless asks. The Daily News says that two parties close to the negotiations confirmed that the city may contribute an additional $1 billion on top of the already-budgeted $657 million to the agency's five year capital plancertain conditions pertaining, of course. According to the Daily News, the state has offered $8.3 billion and has asked the city to contribute $3.2 billion for dire repairs and upgrades. "It's clear there's a public consensus that the city is doing well enough to provide more resources to the subway and bus system," one of NYDN's sources said, "This is an attempt at a serious negotiation."
The city has suggested that, if they don't pony up the additional $1.5 billion the state wants them to commit, the MTA could enact a revenue-generating scheme. Earlier this week, when additional fiscal commitments from the state and city were but a dream, Comptroller Thomas DiNapoli suggested that the MTA might have to raise tolls and fares to bridge their finding gap. Although nobody wants the subway to suffer, nobody probably wants to commit more than $2.75 to a single ride, either.
The city said they won't give the additional funds to the MTA unless the state agrees to end raids on funds headed for transit improvements. The state will also have to give the city more say in what projects get funded.
· Bill de Blasio administration eyes $1B more for MTA repairs [NYDN]
· MTA's Cash Woes Could Lead To Higher Transit Fares [Curbed]
· All MTA coverage [Curbed]