NYC, state reach deal on mass transit capital funding

A deal has finally been struck to fund the New York City region’s mass transit capital spending program, ensuring that vitally needed infrastructure upgrades — including repairs to damage wrought by Superstorm Sandy — will be underwritten for the next five years.

The $26.1 billion agreement to fund the Metropolitan Transportation Authority was jointly announced Saturday by Gov. Andrew Cuomo and Mayor Bill de Blasio, who had spent weeks sniping at each other about the city’s contribution as the Oct. 28 deadline to adopt the plan loomed.

In the end, the city upped its offer late this week to $2.5 billion. The state is contributing $8.3 billion and the rest is made up of pre-existing dedicated revenue streams.

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Future of New York City mass transit hinges on funding fight

The New York subway system was a gleaming symbol of American ingenuity when it opened in 1904. Now it rattles along past aging stops, controlled by cloth-insulated electrical wiring and signal devices almost as old as the tunnels themselves.

The Metropolitan Transportation Authority has a $29 billion modernization plan that would add high-tech control systems, replace old subway cars and buses, and expand service on North America’s largest transit system. But a dispute over who should pay for the work threatens to undermine it.