Get your priorities straight, Bloomberg tells MTA.

Mayor Michael Bloomberg told the MTA this week it had to get its priorities straight before splurging an $833 million surplus on building a platform over the beleagured West Side rail yards.

"What they have to do is set priorities," Bloomberg told reporters during his daily Q&A session Friday.

"That's what everybody has to do. I think their first priorities have to be safety and reliability, affordability, long-term financial stability, and investment in infrastructure."

During a board meeting full of surprises, the Metropolitan Transportation Authority announced the $833 million surplus on July 27 and unveiled a new proposal for the redevelopment of the West Side Rail Yards.

All but forsaking a previous offer by the Jets to build a retractable roof stadium on the site, the MTA is considering spending $493 million of its newly found money to build a platform over the Rail Yards and put them back on the market for a possible mixed-use development. The development might include a new headquarters for the agency.

According to published reports, Katherine Lapp, the MTA's executive director, came up with the new proposal. She believes that once the agency creates a platform over the Rail Yards they could sell for more than $1 billion. The Jets previously offered $720 million for the site, and the team's rival, Cablevision, bid $760 million.

However, the proposal is likely to rub subway riders the wrong way, coming as it does on the heels of an announcement about future fair hikes and increased fears about terrorist attacks on mass transit.

More than one government official, including City Council Speaker Gifford Miller, has suggested that the MTA should be spending its money on improving commuter service rather than on new development initiatives.

Bloomberg also questioned whether the fare increase scheduled for 2007 would now be needed.

"My four members on the board voted against the last fare increase because we ... didn't have enough information to know really whether or not it was needed. It is difficult to run the MTA. I am sympathetic with that, but ... you have to make priority decisions."

Bloomberg is set to meet with Police Commissioner Ray Kelly and the MTA this week to review security procedures and "make sure that they're doing what can be done to ensure the safety of everybody."

The mayor added, " I do want to make sure that, if they make capital investments, those are investments that help this city.

"If they can make an investment and get their money back double, that's great, but the question is where you do spend that money?

"We have needs in all five boroughs for rehabilitating stations. There's always the need for more modern [subway cars] and replacements, more fuel-efficient ones. All of those things cost money.

"I do think they have to make sure they stick to a principle that, if you get a one-time shot in revenues, and this looks like some of it anyway ... that we use those for capital items, and we don't just keep increasing our expenditures.

"I think it gives them an opportunity to take a look and see, given all the priorities, what they should do"

Meridian Capital Group recently arranged financing totaling $3,780,000 for the refinancing of the Campus View Apartments, Campus View East Apartments, Belle Vue Square Apartments and Skyview Apartments in Tallahassee.

David Wells of Meridian's Florida office was able to negotiate on behalf Holistic Investment Properties LLC to secure a rate of 5.1% for each property over a 10 year term through Independence Community Bank.