BALCONY New York » Infrastructure

A Union Plan for Financing Construction

kevin — Wed, 29 Jun 2011 15:33:30 +0000

By STEVEN GREENHOUSE

The A.F.L.-C.I.O. said it would announce on Wednesday that it intends to work with pension fund managers to ensure that at least $10 billion in union pension money is made available in the next five years to finance infrastructure projects. Richard L. Trumka, president of the labor federation, will present the plan at a meeting of the Clinton Global Initiative in Chicago as part of organized labor’s effort to get the federal government, banks and money managers to do more to issue bonds or create other mechanisms to finance infrastructure projects. A.F.L.-C.I.O. officials said they planned to work with Deutsche Bank and other financial institutions in the hope of coming up with hundreds of millions of dollars to retrofit large commercial buildings. Many building owners are hesitating to do such retrofits because they are highly leveraged and do not have the cash to make the investments. The A.F.L.-C.I.O. hopes its $10 billion will provide an incentive for banks and hedge funds to develop financing vehicles to make such projects happen.

Raids leave bridge, road funds in $3B hole – Motor fuel, licensing and other taxes for rebuilding infrastructure gets detour

kevin — Mon, 11 Apr 2011 16:07:32 +0000

By Brian Nearing

ALBANY -- During the 2000 presidential campaign, the idea of a government "lockbox" became a recurring joke after Al Gore called for a way to keep Social Security taxes from being diverted to support other federal spending. Here in New York, the state "lockbox" created to pay for rebuilding aging bridges and roads -- a fund that's augmented every time you buy gas, renew a driver's license or rent a car -- has been raided for cash by state leaders during the last decade to such an extent that it will need $3 billion in taxpayer bailouts over the next five years. And those added billions won't fuel a massive rebuilding, but will rather simply let a state with more than 2,000 structurally deficient bridges -- more than one span in every 10 -- keep chipping away at the problem.

Schumer blasts Christie for axing Hudson tunnel

kevin — Wed, 19 Jan 2011 17:26:47 +0000

Firing a shot at Trenton, N.J., New York's senior senator says Gov. Chris Christie's move to scrap the trans-Hudson commuter rail project was a “terrible decision."

by Jeremy Smerd

Sen. Charles Schumer said Tuesday that New Jersey Gov. Chris Christie made a “terrible, terrible decision” when he canceled a multi-billion dollar project to build a commuter tunnel under the Hudson River and accused the governor of “cannibalizing” ARC tunnel funding for his own state's small-scale projects.

Controlling Risk Without Gimmicks: New York’s Infrastructure Crisis and Public-Private Partnerships

kevin — Thu, 13 Jan 2011 18:54:57 +0000

OFFICE OF THE STATE COMPTROLLER
Thomas P. DiNapoli, State Comptroller

New York has a growing backlog of unmet public infrastructure needs, with limited public funds to pay for them. The replacement of the Tappan Zee Bridge, for example, seems to be held up due to an estimated $16 billion price tag. A 2009 report by the Office of the State Comptroller estimated investment needs of $250 billion to maintain transportation ($175 billion), municipal wastewater ($36 billion) and clean water ($39 billion) infrastructure across the State over the next 20 years.

Obama Pushes Transportation Spending

kevin — Tue, 12 Oct 2010 20:26:54 +0000

by Jackie Calmes

WASHINGTON — The Obama administration said Monday that it would ask the lame-duck Congress next month to approve a $50 billion down payment on his long-range initiative to improve the nation’s roads, railways and air systems and to find savings to offset that cost, suggesting a new urgency to create jobs after last week’s disappointing unemployment report.

One Bridge Fixed…But our infrastructure needs new funding sources

kevin — Mon, 09 Aug 2010 20:48:03 +0000

By DENISE RICHARDSON
Managing Director of the General Contractors of New York

Whaddya know? You can get there from here.

Today, the new Willis Avenue Bridge is due to be eased into place, completing its carefully planned journey by barge to its permanent home. It will replace a structure built in 1901 and now one of the lowest-rated bridges in New York City.

The replacement arrived literally in the nick of time. More than 70,000 vehicles a day use the bridge, which has been past the point of no return for years.

Yet this is just one success story among a limitless need to replace and upgrade our transportation network. These days, it's all too common for infrastructure projects to be put on hold, delayed or cancelled.

DiNapoli: New York’s Local Infrastructure Needs Projected To Be $80 Billion Under Funded Over Next 20 Years

kevin — Fri, 14 Aug 2009 18:36:28 +0000

Multi-Year Capital Planning and Increased Federal Funding Needed Driscoll Joins DiNapoli at News Conference in Syracuse

At the current rate of spending, New York will have $80 billion in unmet infrastructure needs over the next 20 years unless state, federal and local governments work together to improve multi-year capital planning and better fund infrastructure projects, cautioned State Comptroller Thomas P. DiNapoli in a report he released today in Syracuse. DiNapoli’s report estimates the state’s capital needs for repairing roads, bridges, and water and sewer lines will swell to a quarter trillion dollars over the next 20 years.

NEW YORK STATE COMMISSION ON ASSET MAXIMIZATION DELIVERS FINAL REPORT TO GOVERNOR PATERSON

kevin — Mon, 01 Jun 2009 20:38:02 +0000

Report Contains 27 Major Recommendations to Help Create Jobs, Generate Economic Activity, Benefit Colleges and Universities across New York State

Governor Calls for Creation of State Asset Maximization Board to Provide Oversight Process for Potential Public-Private Partnerships