Full funding for MTA program key to continued growth.

New York City is experiencing unprecedented economic growth as it heads into the 21st Century. Tourism, employment, tax revenues and population all are at or near all-time highs. Traditional industries are flourishing, while new industries are becoming firmly rooted in the economy.

Such strong growth comes with a price. In order to sustain and build upon this momentum. New York City must be able to meet the corresponding rise in demand on its infrastructure. Additional capacity is required in nearly all systems, including housing, educational facilities and electrical supply. No public investment, however, is more important to the future of the New York metropolitan economy than mass transit.

With economic expansion continuing unabated, the City is beginning to experience the transit problems incumbent upon prosperity. More jobs means greater use of the subway system, especially at peak rush hours, on top of the increased ridership generated by successful MTA programs such as Metrocard.

The future of the mass transit system will hinge greatly on actions in Albany this year. Last year, the Metropolitan Transportation Authority (MTA) unveiled an ambitious $17.5 billion capital program. When legislators approve the program and devote adequate financial resources to its implementation, it will signal the biggest and most strategic expansion of the region's mass transit system since the 1930's.

The plan deserves the praise of the design, construction and real estate industry for its ability to strike a balance between City and suburban needs and its strategic mix of maintenance, fleet replacement and new initiatives designed to enhance the City's infrastructure and bolster its 21st Century economy.

A large portion of the proposed capital program will be devoted to the replacement of New York City Transit trains and buses, as well as trains on the Long Island Rail Road (LIRR) and MetroNorth. Major reconstruction projects to be undertaken include the LIRR's Atlantic Terminal in Brooklyn and Jamaica Station in Queens. Metro North will devote funds to complete the Grand Central Terminal restoration, renovation of the Yonkers station and creation of a station to serve those traveling to and from Yankee Stadium, provided the team decides to remain in The Bronx.

The most far-reaching aspects of the MTA capital plan, however, surround the $3 billion in system expansion projects, which will help move New York closer to a seamless transit network covering the entire Metropolitan region. Projects include creation of LIRR access to Grand Central Terminal; direct Metro North access to Penn Station; extension the N and R subway lines in Queens to LaGuardia Airport; and a Second Avenue Subway line in Manhattan.

The greatest concern is for adequate financial support of the Capital Program. Even with this major five-year proposal, transit infrastructure in New York City and its suburbs still will not be up to the standard required for the future. Sufficient resources must be generated to meet the long-term needs of an expanding economy. With New York State projecting a surplus this year, the State Legislature should make financing of mass transit its top priority.

The building community can do its part by contacting and urging their State legislators, as well as Governor George E. Pataki and Mayor Rudolph W. Giuliani, to approve the capital plan and devote dedicated financial resources to this and subsequent MTA capital programs.

Legislators would be wise to find readily available sources of financing, as a fare increase can only be expected to handle a small portion of the financial need. Nothing is more important than securing dedicated transportation funding for this and future capital programs.

The time is right to address mass transit capacity. New York City learned the hard way in the 1970's that the inability to invest in a transportation system that serves the entire region will only cost more in the long-run and drive employers from the region.