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| Re: Budget Concerns Threaten To Derail Fulton Transit Hub (561539) | |||
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Re: Budget Concerns Threaten To Derail Fulton Transit Hub |
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Posted by Stephen Bauman on Wed Jan 30 09:42:11 2008, in response to Re: Budget Concerns Threaten To Derail Fulton Transit Hub, posted by RonInBayside on Wed Jan 30 09:24:33 2008. The #7 is a self-funded project, and its moneies cannot be used for the other projects.The #7 line extension is funded by the City's borrowing power. That borrowing power could have been used for other projects. The worst case is that the 7 extension will be completed with only one station built (Javits). Rail access to Javits could have been accomplished with an LIRR shuttle to a station in the West Side yards. The cost would have been much less than $100 million, as compared to the $2 billion plus for the #7 extension. The need for large convention centers is problematic in the Internet age. Plans for an enlarged Javits Center have been cut back and room for subsequent expansion will be eliminated. The worst case scenario is that the $2.1 billion will be spent, without completion, additional monies will have to be raised and the station will not generate sufficient tax revenues to pay back the bonds. At this point, they appear to be on track for such a scenario. The other projects that the #7 extension precluded, might have been less risky and might have provided a quicker payback. |
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