New York Infrastructure Bank Begins Funding Projects, Just Days After Creation
Governor Andrew Cuomo sure isn't wasting any time in utilizing New York State's new $15 billion infrastructure bank. Just days after Governor Andrew Cuomo signed the funding bill for his "New York Works" infrastructure bank into law, the Governor announced yesterday a raft of accelerated statewide road and bridge projects.
According to Bernstein, "The funding will accelerate road and bridge projects across the state, with the largest single payment - nearly half a billion dollars - going to replace the Kosciuszko Bridge between Brooklyn and Queens in New York City...The $1.2 billion in accelerated funding comes on top of $1.6 billion in previously planned spending on roads and bridges. It does not include the more than $5 billion replacement of the Tappan Zee Bridge, a project which has drawn fire for its lack of mass transit."
Although the selected projects are seen as necessary, the announcement was not without its critics, who raised concerns with the bank's "disbursement of funds before its governing structure has even been named."