Printer Friendly

City gets to work on spending $261M stimulus cash.

A $261 million slice of government stimulus cash will help save vital infrastructure projects throughout New York City.

And the mayor is making sure tax payers can see how every penny is spent by making details available online.

In a statement issued by City Hall, Mayor Bloomberg said his administration had committed to the largest infrastructure progam in New York's history without any outside help.

The unprecedented global recession, though, had put a dent in those ambitious plans--until now.

"The federal stimulus dollars mean that we can move projects that would have been on the chopping block and get shovels in the ground quickly --putting thousands of people to work and rebuilding our infrastructure. I want to thank President Obama and our congressional delegation for delivering this critical funding to New York City," said Mayor Michael Bloomberg.

The $261 million will come from the American Recovery and Reinvestment Act. It will supplement the City's current Capital Plan and be used to support key economic development initiatives across the city.

The total value of the transportation projects benefiting from stimulus funding is $1.1 billion and the projects are expected to create or preserve approximately 32,000 jobs throughout New York City.

Six projects will share the windfall.

A total of six projects will receive direct stimulus funding.

The existing funding in place for those projects will be used to support 25 other projects that did not have adequate funding to move forward at this time.

A key portion of the City's five-borough economic plan centers around making investments in neighborhoods across the City that will continue to create jobs long after construction is completed. Many of the projects chosen for stimulus funding were selected to meet that economic goal.

"We completed a careful analysis of potential projects in order to maximize job creation, so the projects we chose fit into our overall job creation strategy," said Mayor Bloomberg.

"The improvements we're making will stimulate greater economic opportunity and create more jobs once they're completed."

The projects include:

* A $175 million rehabilitation of Saint George Ferry Terminal Ramps to address significant wear and tear on seven ramps that carry bus and passenger car traffic in and out of the terminal. The construction bid date is winter 2009 with the project due to finish in the Spring of 2013;

* Rehabilitation of the Brooklyn Bridge, a $382 million projects that will get $47.2 million of stimuls cash to improve the ramps. The bids on this project will go out this Spring and the scheduled completion date is Summer 2012;

* The $14.2 Upgrades to the Wards Island Pedestrian Bridge will be fully paid for by stimuls money. The project will improve pedestrian access to Ward's Island from East Harlem through a complete mechanical and electrical rehabilitation. The island recreational facilities are currently undergoing a $100 million upgrade and the bridge is a vital link in accessing those facilities, which include Icahn Stadium and dozens of new ball fields. That project should get undering later this sumemr.

* 12 roadway bridges throughout the five borough will be unpgrade in a $9.7 million effort, again now funded by stimuls money;

* The $8.8 million price tag for Replacement of Protective Coating on Two Bruckner Expressway Bridges will also be picked up by stimuls and;

* The Rehabilitation of the Greenpoint Avenue Bridge over Newtown Creek (Greenpoint/Blissville) will result in reduced maintenance costs and extend the useful life of the structure by 10 years.That $6 million project Cost will be paid for by stimuls money and bidding will go out this fall.

In order to maintain accountability and transparency in the City's use of stimulus funding, all federal stimulus funding allocated to New York City can be closely tracked at www.nyc.gov.

The "Stimulus Tracker" currently lists the transportation projects supported by stimulus funding, including project descriptions, a map of project locations, funding amounts, and the City agency managing each project. Funding for additional projects and programs will be tracked as it becomes available, project status, tracking reports to follow the progress.
COPYRIGHT 2009 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Comment:City gets to work on spending $261M stimulus cash.
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Apr 8, 2009
Words:679
Previous Article:Swig Equities, LLC.
Next Article:Green Highline Building stands out in the crowd.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters