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Thread: 7 Train Extension

  1. #31
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    http://www.amny.com/news/local/trans...m-topheadlines

    MTA board: Mayor backtracks on 7 line

    By Chuck Bennett

    amNewYork Staff Writer

    July 31, 2006

    Talk about switching tracks.

    MTA board members are stunned that Mayor Michael Bloomberg backed off his promise to fund the extension of the No. 7 train west to 11th Avenue and south to 34th Street.

    Despite the mayor's derailed attempt to bring the Olympics and a new Jets stadium to the city, he continued to vow publicly to fund the $2 billion project. But last week it was revealed during an MTA meeting that the city will only release that money if the MTA accepts the city's $500 million offer for the Hudson Rail Yards.

    "The city, of course, said it didn't change and always contended it was contingent on the sale of that property," said Barry Feinstein, chairman of the MTA board's New York City Transit Committee. "I have a different recollection."

    During the Jets saga, City Hall made it clear that it wanted the No. 7 extension to kick start far West Side redevelopment with or without a new stadium. In April, Bloomberg said the No. 7 extension was key to the West Side's redevelopment.

    "The city is going to pay for the No. 7 line extension. It's going to get done," Bloomberg said then.

    Then on July 7, the city made a surprise offer for the Hudson Yards -- $300 million for the West Side Yards and $200 million for the air rights of the neighboring East Side Yards.

    The property, it said, would be developed for commercial and residential use. The project would be funded with a dedicated $2.8 billion bond issue, which would include the No. 7 extension and other West Side projects. But the city said that sale hinges on the future of the yards.

    "Our view is, we cannot sell the bonds with the Western Rail Yards unresolved," said Deputy Mayor Dan Doctoroff, the city's economic development czar. "The bond holders who are lending out the money to build the No. 7 aren't going to expect competition for development."

    The bond issue -- to be repaid with taxes or other payments from the city's development on the Hudson Yards -- is expected to be sold during the next 12 months.

    The MTA already budgeted the $2 billion for the No. 7 expansion in its capital plan, assuming the city would pony up that cash regardless of what happened with the rail yards.

    "To say it was not linked to the Jets stadium and now it is linked to something, you wonder what the real story is," said Andrew Albert, a rider representative on the MTA board.

    Also worrisome, board members said, is who will pay for the inevitable cost overruns. Estimates for the project have already soared from $1.5 billion to $2 billion.

    "That's still an issue we will resolve over the next few weeks," Doctoroff said.

    Cost overruns could drain money from other big projects much higher on the MTA's priority list, such as the Second Avenue subway and the Long Island Rail Road connection to Grand Central Terminal, said Gene Russianoff of the Straphangers Campaign.

    Before the MTA board gave chairman Peter Kalikow authorization to negotiate the Hudson Yards offer, he was told to get "concrete" terms on the No. 7 plan.

    Kalikow was also warned that the city's $500 million offer for the Hudson Yards could be too low. The MTA's own appraisal put the property at $923 million and the value could have grown since then.

    "I've dealt with Albany and the city for a lot of years," Feinstein said at the MTA meeting. "Things that are clear become unclear, and in this situation, fool me once, shame on you, fool me twice shame on me."

    Copyright 2006 Newsday Inc.

  2. #32

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    Sleek move, but seems like it should reflect well on development of the yards.

  3. #33
    Crabby airline hostess - stache's Avatar
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    Our Mayor's getting skeevy.

  4. #34

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    Quote Originally Posted by lofter1
    Why there will be no stop on the SOS between 14th St. and Houston St. is a big mystery to me.
    Generally the line seems to have less stops than older lines. Probably to save money, the current plan has it stopping at 125, 116, 106, and 96, replacing the traditional 116, 110, 103, 96 layout. It also only makes two stops between 86th and 42nd, unlike the local Lexington trains, which make four stops.

  5. #35
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    the mayor is a fraud who has brought no economic development to the city in 5 years as mayor, he has a chance with this but is failing

  6. #36
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    Quote Originally Posted by kliq6 View Post
    the mayor is a fraud who has brought no economic development to the city in 5 years as mayor, he has a chance with this but is failing
    I respectfully disagree with you. The Mayor has run this city like a business. By being fiscally responsible in his dealings he has ticked off just about every union in negotiations, but has won each time and none of them have striked (MTA was not something he could control, Pataki is the one to blame for that). The Union givebacks have enabled the city to become profitable allowing us to pay down a massive debt load and increase our credit rating. Both of these will combine to allow the city to reduce taxes over the long run further increasing economic development. The issue is that most of the benefits from what he's been doing won't be seen immediately, and can very easily be undone by the next mayor if we make the mistake of electing someone who doesn't ascribe to the same philosophy (Trump for Mayor?).

  7. #37
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    Quote Originally Posted by Deimos View Post
    I respectfully disagree with you. The Mayor has run this city like a business. By being fiscally responsible in his dealings he has ticked off just about every union in negotiations, but has won each time and none of them have striked (MTA was not something he could control, Pataki is the one to blame for that). The Union givebacks have enabled the city to become profitable allowing us to pay down a massive debt load and increase our credit rating. Both of these will combine to allow the city to reduce taxes over the long run further increasing economic development. The issue is that most of the benefits from what he's been doing won't be seen immediately, and can very easily be undone by the next mayor if we make the mistake of electing someone who doesn't ascribe to the same philosophy (Trump for Mayor?).
    fiscally responsible?? This guy is activily trying to get people to go on Medicaid! Do you know who pays that?

  8. #38

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    Quote Originally Posted by kliq6 View Post
    fiscally responsible?? This guy is activily trying to get people to go on Medicaid! Do you know who pays that?
    I also disagree with you.... For the first time in YEARS new york has major economic development plans in the works. i.e. The downtown brookyln plan, the rezoning of the brooklyn and queens waterfront. Long Island City, the west side. These initiatives are not confined to city blocks, but are on a HUGE scale, thats why it takes time. His administration has vision. Bloomberg and his team, have flown around the world convinicing companies to move their headquaters and operations to New York City. In my opinion Bloomberg's economic development strategy have been one of the strongest in this cities history. Keep in mind, this city went through a NASTY recession.. along with the nation, and bounced back. In 2012, new york will be a very different city... and its largely thanks to his administration...

    How can you say that he is not a fiscally responsible mayor is above me.. We have a surplus (doesent happen often in the city). He balenced a 3 billion dollar deficit. For the first time in recent memory, the city council and the mayor passed the budget with no arm twisting. Four years ago.. people were complaining about the budget cuts..., now his approval ratings are higher than ever, and the future for nyc has never look so bright..

    So in short.. i dont know what your talking about

  9. #39
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    City railyard plan is out, but 7 line will be extended

    BY PETE DONOHUE and MICHAEL SAUL

    DAILY NEWS STAFF WRITERS

    The city has abandoned its controversial offer to purchase a swath of the West Side railyards - but says plans to extend the No. 7 subway line from Times Square to the Javits Convention Center are still on the fast track.

    Deputy Mayor Daniel Doctoroff said yesterday that the city and the Metropolitan Transportation Authority will now work together to put the railyards - between 11th and 12th Aves. and W. 30th and W. 33rd Sts. - up for sale during the next year.

    The city will still have a big role in planning and zoning for the site, and the MTA will have the final say over the sale, Doctoroff said.

    The decision to drop the city's $300 million bid to buy the property marks another major defeat for the Bloomberg administration on one of Manhattan's last major undeveloped parcels. Mayor Bloomberg suffered a stinging setback last year when his plans to build a Jets football stadium there were torpedoed.

    The city, however, was successful in brokering a related deal with the MTA to pay the agency $200 million for half the transferable development rights - or the air rights - of an adjacent property known as the Eastern Rail Yard. The city could then resell them to developers.

    Doctoroff said the overall agreement, which could be approved by the MTA board as soon as tomorrow, means the city-backed $2 billion extension of the No. 7 line will go forward.

    As part of the negotiations, the city has agreed to pay $100 million extra, on top of the $2 billion, if there are any cost overruns, Doctoroff said yesterday.

    "I suspect the MTA within the next few weeks will issue the [request for proposals] for the first major chunk of the No. 7 line contract, which will include the tunnel boring," Doctoroff said.

    "You'll start to see demolition in the area for the No. 7 in the next couple of months, and the beginning of tunneling will start around the end of the year, maybe shortly thereafter," he said.

    Gene Russianoff of the Straphangers Campaign said it is critical that the risk of cost overruns be borne by the city to lessen pressure on the MTA for fare increases.

    The line will be extended from its Times Square terminal to 11th Ave. and W. 34th St., where the Javits Center is located. The project includes more than a mile of new tunnel and two subway stations. Construction is scheduled to be completed by 2012. MTA board members will be briefed on the deal today. A vote is scheduled for tomorrow.

    Originally published on September 27, 2006

    All contents © 2006 Daily News, L.P.

  10. #40

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    It was a dumb idea.

  11. #41
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    INVESTORS BOND WITH SUBWAY LINK


    By TOM TOPOUSIS

    December 7, 2006 -- The city took its first practical step toward building a subway extension to the far West Side yesterday when investors gobbled up bonds totaling $2 billion for the project, clearing the way for construction to begin in late spring.

    "This is definitely going ahead. The money has been raised and construction will begin," Deputy Mayor Daniel Doctoroff said of the extension of the No. 7 line to 11th Avenue and 34th Street, where will anchor a new business district.

    Doctoroff said that because of high demand for the bonds, the interest rate dropped about 2 points lower than had been expected, resulting in a savings of $1 billion in interest payments over the 40-year life of the bonds. "It's a huge savings," he said.

    The bonds, sold by the Hudson Yards Infrastructure Corp., are not directly backed by the city.

    Payments will come from tax revenues generated by new office construction - projected at 24 million square feet - on the far West Side.

    Copyright 2006NYP Holdings, Inc.

  12. #42

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    Quote Originally Posted by ZippyTheChimp View Post
    It was a dumb idea.
    Agreed. The City should focus on those services people need it to provide -- police, fire, trash, etc. -- and leave the real estate development schemes to our town's plethora of greedy developers.

  13. #43
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    I really can't wait for this one to get built. It's such a pain to walk to Javits from Penn especially on those cold days .

  14. #44

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    They may have sold the bonds, but the bidding on the construction contract has been on hold for several months.

  15. #45
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    no it has not, phase one has been awarded and the other phases are out there now

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