Teen Pulls BB Gun On Cops, Gets Shot In The Face
Yankees, Fans Revel In Ticker Tape Parade Frenzy
After Girardi's Help, Crash Victim Now A Yankees Fan-For-Life
Google Maps Upgrade NYC Subway Line Integration
Adding In "Discouraged Workers," Jobless Rate Is 17.5%
Apparently, the MTA has a really big couch, as the agency now has $833 million in unanticipated money for the year. Well, actually it's from tax revenue, but instead of making sure they won't raise fares in future years, the MTA is thinking about taking $350 million to build a platform over its West Side Railyards. Because, if you build it, they will come. The MTA thinks they would be able to sell the platformed area for $1 billion to developers for commercial and residential complexes, and the Daily News calls the MTA's move a "death knell" for the Jets' plan. Well, it wouldn't be a death knell if the Jets would pony up $1 billion for the land, versus the $250 million they were offering a few months ago. When asked about this idea, the Mayor said, "Nobody is going to build anything on the West Side without the city being part of it. Nobody's sure yet what will go over there." As in, "Get Kalikow and his accounting department on the phone now - if we'd found out about this earlier, maybe we coulda had a stadium for the Olympics bid."
Anyway, though these plans are not firm (they are among many things the MTA is discussing), it seems $12 million may go towards what the Times calls "immediate improvements in service and security" and another $481 million will go towards pension liability. Here's hoping that service and security improvements mean the dirtiest stations get cleaned up and desolate stations get more security. Experts say the MTA isn't lying when they say they didn't realize they'd have so much money, especially when the real estate market is so hot (the get tax revenue from real estate). Gothamist wouldn't say the MTA is lying on purpose, but we also think they are kind of thick at times.
add to stumble upon
add to reddit
tweet this
post to facebook
Shocker! An article on the subway. Although this one is actually newsworthy.
This is about the railyards in Brooklyn, but in 1955, Walter O'Malley wanted to build a new domed stadium over the Atlantic Railyards to move the Dodgers out of Ebbets Field. And he wanted the city to use eminent domain to move a lot of the property owners out, exactly like Ratner's attempting now. When Robert Moses rebuffed the idea, O'Malley started sniffing around LA and eventually moved the Dodgers there in 1957. I find it fascinating that after 50 years, the same exact arguments are being waged over the same exact property in an effort to build a sports stadium in Brooklyn. Historian William Bryk has an excellent account of the Dodgers defection in this week's New York Press here.
Well of course. That is from "Bureaucrat Cash 101:"
"Thou must spendest the free cash (someone's tax $$$) or thou mightest not get as much next year."
I'm shocked at how underfunded their pension plan must have been. $481 million just to shore it up? How many people does the MTA employ? Makes you wonder how they mismanaged whatever was in the fund previously...
I don't understand why they don't pass on the costs of building a platform to whoever buys the property, instead of building the platform first and then hoping someone will buy the property.
Hey 23 - Have you ever noticed how all of the major newspapers talk about subways, buses and the MTA alot? Or the fact that they hand out free papers which dedicate about5-10% of their space at LEAST to the MTA? Apparently, people care about public transportation...hmm.
And which set of books was this money found in?
I think Gothamist has its first troll- dont worry 23 is probably the type who likes to piss in the pool (then get out).
That said, this (along with the other article about the rail yard in B'lyn) shows that the MTA board is staffed to serve as a conduit for money from the poor to the rich. We need Spitzer and Hevessi to nail them to the wall and get thier priorities straight.
Great! Let's build an unneeded structure on the West Side of Manhattan while platforms and stations outside of the 'tourist zone' (ie: midtown Manhattan) are rotting away and literally falling apart.
It's amazing how corrupt the MTA is.
i'm having this thing where i want to, like, hit the MTA with a baseball bat.
It's interesting that the MTA has decided to prioritize its use of money in the following fashion (based on money to be spent):
1) Build a platform over West Side Yards for $471 million (which is $121 million more than the Jets were telling folks it could be done for - is the MTA paying at a premium?) so that it could build its headquarters there - as if the MTA doesn't already have a sufficient headquarters elsewhere in the city
2) Fund pension - how was it possible to be underfunding the pension to such a degree? Where was the oversight from the State and City Comptrollers Office. Why wasn't Spitzer going after the MTA for cooking the books?
3) $12 million for security? That all?
Instead of #1, the $471 million could go towards the immediate refurbishment and replacement of various subway stations, crumbling infrastructure, and improved security at critical locations (junction boxes, relays, etc.)
The MTA should not be in the real estate business - it should be in the transportation business.
Suprise, suprise. The MTA found another coffee can. Who is doing the books, Hellen Keller? I do have to say, they are amazing about timing. Back with the last rate hike, another bushel of money appeared, after they said they were in the red and needed to cover their operating costs. And now, post Olympic bid -"POOF", one more can of coins that would have been beneficial to the cause (note: I am not saying I am for or against the Olympics).
Their timing is amazing.