A critical year for construction and real estate.New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's ability to move forward on economic development projects and fund vital infrastructure and transportation programs will depend upon critical decisions made in City Hall, Albany and Washington, D.C. in the coming year. How important issues are decided greatly will impact New York's design, construction and real estate industry. If, for example, current public sector funding levels are protected and long-term economic development plans are initiated, the private sector can be reasonably assured of a continued rebound. If not, New York could be faced with near total cessation of capital construction, which would threaten the stability of its physical environment and severely impair the region's long-term economic growth. The Building Congress and its constituent organizations have identified the following issues to be of vital importance in 1997: Constitutional Debt Limit: As mandated by an obscure and outdated provision in the New York State Constitution, the City will reach its debt limit and be forced to suspend the majority of its capital projects early in 1997. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. estimates, the City would not have access to capital funds until at least the year 2001. Mayor Rudolph Giuliani and the City Council have offered a sound proposal: creation of an Infrastructure Finance Authority. Borrowing through the authority would permit the City to fund necessary capital projects with dedicated sources of revenue not tied to the debt limit. Private sector leaders, the Mayor and City Council must work together to ensure that the State Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. shutdown occurs. ISTEA ISTEA Intermodal Surface Transportation Efficiency Act ISTEA Initial Screening Training Effectiveness Analysis Re-authorization: The Intermodal Surface Transportation Efficiency Act The Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240; ISTEA, pronounced Ice-Tea) is a United States federal law that posed a major change to transportation planning and policy, as the first U.S. , which allocates federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve for transportation infrastructure projects, needs to be re-authorized before October 1997. Current levels of funding, which are allocated according to national objectives and local needs, are jeopardized by a group advocating funding equal to each state's gasoline tax Noun 1. gasoline tax - a tax on every gallon of gasoline sold excise, excise tax - a tax that is measured by the amount of business done (not on property or income from real estate) receipts. It is imperative that the United States Congress appropriate funds under current formulas. New York, which carries one-third of the nation's transit riders, relies upon a safe, interconnected and dependable mass transportation system. It is in the nation's best interest to preserve this system, which is essential to the economic well-being of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and the entire Northeast region. West Side Economic Development Program: New York City needs an overall development plan for Manhattan's West Side, which would include expansion of the Jacob Javits Center, added transportation capacity and creation of new hotel and retail space. By creating a long-term plan, New York can entice private sector partners and leverage capital improvements for maximum benefit. MasterLinks: Governor George Pataki's plan to create a "sophisticated and intricate system of rail and ferries" to link the communities of New York must be adopted in 1997. The linchpin linch·pin or lynch·pin n. 1. A locking pin inserted in the end of a shaft, as in an axle, to prevent a wheel from slipping off. 2. of the plan calls for improved access to LaGuardia and JFK airports. Such a program is badly needed and long overdue. These issues must be addressed in a way that provides a stimulus to New York City and the design, real estate and construction industry. Dedicated funding and strategic investment inspire confidence in outside investors and employers, and heighten the quality of life for all New Yorkers. The coming year will be critical for our industry and all of us should be heard by responsible city, state and federal officials. |
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