M.T.A. Cuts Delay Some Big Projects Until 2010
The subway station at Smith and Ninth Streets is one of 15 in Brooklyn that will not be renovated as scheduled. Four stations in the Bronx also will wait.
The Metropolitan Transportation Authority released a cascade of grim financial assessments on Monday that mean delays in subway station renovations and other major improvements, as well as possible cutbacks in service and increases in fares and tolls.
In a series of public meetings of authority board committees, officials said the authority would be forced to cut projects valued at $2.7 billion from its 2005-9 capital spending program, largely because of soaring costs on construction projects already under way.
The projects being cut include 19 subway station renovations and important projects for the modernization of subway signals and repair facilities. The authority’s chief executive, Elliot G. Sander, said those projects were expected to be included in the authority’s next five-year spending plan, which begins in 2010. But he acknowledged that the authority did not yet know how it would find the financing for that plan.
Officials also said the revenues from taxes on real estate transactions, which have buoyed the day-to-day operations of the transit system in recent years, were falling off at an alarming rate, resulting in a shortfall this year of $122 million. Revenues from the real estate taxes are on track to end the year about $280 million below budget projections.
(No Ratings Yet)
Loading ...
Email This Post
