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| Re: (7) line extension update photos 6/2013 (1231266) | |||
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Re: (7) line extension update photos 6/2013 |
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Posted by WillD on Thu Jun 27 02:51:45 2013, in response to Re: (7) line extension update photos 6/2013, posted by Gene B. on Wed Jun 26 19:26:36 2013. Because the feds didn't provide money to build the 7 train extension. South Ferry was constructed with funds explicitly earmarked for Lower Manhattan as 9/11 relief funds. Ditto the Sandy relief funds. In both cases the money couldn't be spent elsewhere in the city. I'd argue there were other projects in Lower Manhattan more deserving of the money (constructing Phase IV of the SAS with a Shallow Chrystie being a good example), but what's done is done.The 7 train extension was built by the city with tax increment funding. Essentially the city floated a few bonds on the expected increase in tax revenue from the redevelopment of the west side in part due to the extension of the 7 train into the area. I don't know for certain, but I believe it was the changing in those redevelopment plans and the economic downturn which has reduced the expected increase in revenue and brought about a slight reduction in the project scope. |
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