During the MTA Board and Committee meetings this week, the agency will present a detailed breakdown of its request for capital funds to repair the transit system after Hurricane Sandy swept through. Overall, the MTA is asking for $4.755 billion, nearly all of which the agency expects to receive from the federal government and insurance. The MTA is also asking for permission to bond out $950 million should the need arise, but what’s missing from the document speaks nearly as loudly as what’s in it.
In the document — available here as a PDF — the MTA stresses in no uncertain words the need for approval for this money. The addition of nearly $5 billion to the MTA’s capital tab should have no impact on the operating budget, but doing nothing is not an option. “There are no viable alternatives to the proposed action,” the staff summary reads. “Delaying repair work could result in further service delays, increased safety risks, and lower reliability. Further, it is not tenable to substitute existing funds supporting ongoing capital projects for these restoration projects.”
That’s not new, and neither is the MTA’s estimated cost projections. We know South Ferry, for instance, is going to cost $600 million to repair, but now we can see why. The new document contains cost breakdowns, and maybe it makes this price tag a bit easier to swallow. It’s now just $600 million for one station that, a few years ago, cost $540 million to build from scratch. Rather, it’s $600 million for a comprehensive repair of a large station complex and nearly all of the technology within.