Results tagged “2billion”

Among the many "draconian" recommendations made by the Ravitch Commission for keeping the MTA afloat, conspicuously absent was a call to transfer $2 billion worth of transportation money belonging to the Port Authority of New York and New Jersey. The Observer takes a closer look at that loot today, and wonders what's to come of it; sources tell the paper that former M.T.A. chairman Dick Ravitch wanted it for the MTA, but there's speculation that Paterson vetoed that move. Now the moneys—originally intended to fund a "New York-based regional transportation" project—may get swallowed up by the beleaguered World Trade Center site, which is way over budget. Or it may get transferred to that perennial pipe dream: a new Penn Station. Anything, it seems, but helping out the subway system!