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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