One of the more appealing aspects of the 7 line extension has involved the identify of those footing the bill. While the MTA clearly does not see this extension as a priority, Mayor Bloomberg pledged $2.1 billion in city money both because the Hudson Yards area is Manhattan’s last frontier and because the Mayor’s real estate buddies would benefit. Today, Adam Lisberg reports that taxpayer dollars will go toward the project starting in 2011, and the city’s to fund this extension could come under some limited scrutiny.
So far, Lisberg notes, the city’s payments for construction bonds have come in the form of revenue from developer fees and investment income, but with Related yet to sign a deal, the development dollars have tried up for now. Instead, the city will have to put between $31-$46 million toward the project next year, and as New York is facing spending cuts, few are happy with the prospects of a 7 line extension bill. Still, this was the mayor’s decision through and through, and he’ll have to live with it. Now, if only we could see that station at 10th Ave. and 41st St. built too.