New York transit authority passes reduced $29 billion capital plan
NEW YORK (Reuters) - New York's Metropolitan Transportation Authority (MTA), operator of the largest urban transport network in the United States, approved on Wednesday a reduced $29 billion investment program.
The board's approval comes after a year of wrangling over funding that came to a head when state and city authorities reached an agreement earlier this month.
Governor Andrew Cuomo and New York City Mayor Bill de Blasio were involved in a public showdown over the program, which was eventually reduced from the MTA's original proposal last year for $32 billion of investments.
"This revised capital program will reduce costs and deliver projects more efficiently without cutting any projects or the benefits they will bring to our customers," said MTA chairman and chief executive Thomas Prendergast in a statement.
The capital plan, which runs over five years through 2019, is designed to modernize and expand New York's city's aging subway system and invest in suburban rail networks, city buses and other infrastructure.
The plan will now go to a state review board made of representatives of the state legislature, the governor's office and the mayor's office. The board has 30 days to veto the program after which the MTA can push ahead with projects.
Funding will include $8.3 billion form the state, $2.5 billion from New York City and $6.4 billion in federal funds. The MTA will fund $11.8 billion.
(Reporting by Edward Krudy; Editing by Cynthia Osterman)
