The state could be in line to get billions of dollars to build infrastructure, stimulate the economy and guard against terrorist attack during a Trump presidency.
Senate Minority Leader Chuck Schumer doesn’t anticipate New York will get shortchanged once again when it comes to anti-terrorism funding. In February, the Obama administration clashed with New York reps when it proposed cutting $300 million from the Urban Area Security Initiative.
“Trump knows what this money does,” said a source close to Schumer. “He’ll be sensitive to New York’s needs because he’s from New York.”
New York’s long-stalled transit projects are suddenly on the table now that Trump has promised to introduce a $1 trillion infrastructure construction bill in Congress next year.
That could mean an injection of federal funds for the $23 billion Gateway project — two new rail tunnels under the Hudson River — to help New York and New Jersey cover the project’s cost.
“New York and New Jersey have to fund $5 billion apiece and both states are struggling to figure out how to do that,” said former Port Authority Chairman Chris Ward. “An aggressive investment from the federal government will make sure there’s no delay in delivery.”
Ward said one way to jump-start the project is to declare a national emergency for Gateway, which would serve commuter and Amtrak trains, and make it the top priority for the nation.
“So much of the economy is driven on the Washington-Boston Amtrak corridor,” Ward said. “If an Amtrak tunnel fails, the country could face a recession of significant proportions.”
Federal funds could also help expedite the rehabilitation of Penn Station and the remaking of the James A. Farley Post Office — a $3 billion plan Gov. Cuomo touted in January with few specifics on financing.
The Port Authority Bus Terminal, which handles upwards of 200,000 travelers a day, could reap federal support for its proposed $10 billion renovation.
And Congress could also help the MTA plug holes in its five-year $27 billion capital plan, which the state agreed to in October 2015 without identifying specific ways to pay for it.
“The MTA is in desperate need of money, the subway system is deteriorating, and the financing of its plan is aspirational,” said former Lt. Gov. Richard Ravitch. “It is critically important for the well-being of the city.”
Many projects could be funded through an infrastructure bank, which Trump economic adviser Steven Mnuchin floated on Wednesday, or public-private partnerships where the feds give tax credits to private investors who would raise money to fund projects.
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