NYC to Speed Infrastructure Investment

Taking advantage of low borrowing costs, Mayor Michael Bloomberg announced this week that New York City will spend up to $1 billion on “critical” infrastructure, including bridges, roads, schools and libraries over the next 20 months.

The projects the city has identified for the $1 billion program, including the "removal of toxic PCBs and repairs to about 100 school buildings, resurfacing of about 300 additional lane-miles of roads, street construction, bridge repair and waterfront improvements," were originally part of a four-year capital plan, reports Henry Goldman.

Under the program announced this week, "the city will borrow the money sooner to take advantage of historically low interest rates, saving taxpayers more than $200 million in debt service over the term of the bonds and creating 8,000 jobs, Bloomberg said at a City Hall news conference." 

"Aside from saving the city money and improving its infrastructure, the primary benefit of the program would be to create jobs," said Bloomberg, city Comptroller John Liu, and City Council Speaker Christine Quinn.

Full Story: NYC to Accelerate $1 Billion in Capital Expenditures, Mayor Says

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