N.Y. Governor Cuomo Announces $306B Infrastructure Plan

This week, New York Governor Andrew Cuomo released his fiscal year 2022 spending plan, which included $306 billion in funding for infrastructure and construction projects in the state over the next year. Cuomo referred to the sizable plan as the "largest in the nation." Here's the high points of that particular section in the funding package: 

• The plan includes the governor's $206 billion 2020-24 plan and his $100 billion 2015-2019 plan. This year's numbers increases from $275 billion with the inclusion of the Midtown West Redevelopment of New York City, Belmont Station Redevelopment and $1.5 billion in new capital. Read an excerpt from the plan documents explaining the Midtown West redevelopment below: 
  • Empire Station Complex—As part of the Transformational Midtown West Development and with the completion of the Moynihan Train Hall, the State will turn to the existing Penn Station, launching a comprehensive $16 billion project to expand and reconstruct the existing station. The fully renovated Penn Station, including the new Long Island Rail Road entrance on 7th Avenue that opened on Dec. 31, 2020, will comprise a widened and completely reconstructed 33rd Street LIRR concourse and an expanded and completely transformed station. Additionally, at least eight new tracks will be constructed south of the existing Penn Station to add capacity, cut down on delays and improve operations. This will be a transportation project creating nearly 60,000 direct jobs and involving the federal government, Empire State Development, the Metropolitan Transportation Authority, New Jersey Transit, and Amtrak. 
  • High Line Extension to Moynihan Station—As part of the Transformational Midtown West Development, the budget includes funding to extend the High Line in Manhattan to give pedestrians seamless access to the elevated pathway from the recently opened Moynihan Train Hall. As part of a public-private partnership, Brookfield Property Group will partner with Empire State Development, the Port Authority of New York and New Jersey, and Friends of the High Line to build an L-shaped connection from the 10th Avenue terminus of the High Line to Brookfield's Manhattan West public space.  
• The governor's budget includes $5.8 billion in funding to continue the Department of Transportation's Capital Plan, which will focus on the improvement of highways, bridges, rail, aviation infrastructure, non-MTA transit, and DOT facilities. The $5.8 billion in funding is a 33% increase in comparison to the last 2 years. 
• Where local highways and bridges are concerned, funding for the Consolidated Highway Improvement Program (CHIPS) and the Marchiselli program will continue at last year's level of $477.8 million. The Budget also continues $100 million in highway aid through the PAVE NY program, and $100 million to fund local bridge projects from the BRIDGE NY program. 
• The state allocated $105 million in funding to the Olympic Regional Development Authority to improve Olympic ski facilities and resorts to prepare for the 2023 World Games. 
• Investments of $300 million over the next 5 years to redevelop the Eerie Canal and the Empire State Trail system into one continual unit. 
• The plan also includes the intent to expand high-speed internet at affordable rates for low-income families across the state. 
• The state plans to invest $29 billion in public and private investments across the state to promote and facilitate green energy. This includes plans for the nation's largest offshore wind program to date and public-private partnerships that will involve nearly 100 renewable energy projects. 

Find out more about what's in the spending package, including how much and where funding is going to help small- to medium-sized businesses during and post-pandemic.