NYC to get $6 billion in transit funds.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. will receive $6 billion from the federal government to build an ambitious new transit hub. The news was announced last week during a Ground Zero press conference. The money will also be used to expand the South Ferry South Ferry may refer to:
n.pr See Federal Emergency Management Agency. while Congress will kick. in the remaining $1.8 billion. "This will allow us to have a multi-modal center here that is better than what was here before Sept. 11," said Governor George Pataki last week. It's now up to state and city officials to divide the funds between a dozen or so transit-related proposals. A major component of the transit plan is a Downtown version of Grand Central Station that would serve PATH trains and the 1 and 9 subway lines. This will reportedly devour $1.5 billion of the total funding. Over $100 million will be poured into upgrading and expanding ferry terminals Downtown. There is even talk of digging a new tunnel under the East River to connect the LIRR to lower Manhattan. The news bodes well for lower Manhattan's real estate market. "We've been waiting for this for over 20 years. It's great that we starting to rebuild," said Richard Selig, principal of the Hunter Organization, Selig called the news "a shot in the arm" for Downtown at a moment when it is needed. Some $70 million could be spent on what the MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. is calling the "Rector connector"-a pedestrian link between the 1 and 9 and the N and the R lines. |
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