Search
 

$2B Rail Link Proposal Heads to Congress

NEW YORK CITY-President George W. Bush supports the tax conversion necessary to redirect federal Sept. 11 aid toward establishing a rail link between Lower Manhattan and John F. Kennedy Airport. The controversial plan is called a "crucial component" for revitalizing Downtown by the mayor and governor.

By Barbara Jarvie | Updated on July 29, 2004

NEW YORK CITY-A controversial transportation initiative wins influential support as President George W. Bush sends a request from Mayor Michael Bloomberg and Gov. George Pataki before Congress. Bush approved the request to redirect up to $2 billion in Liberty Zone tax benefits toward other projects such as building a new rail link from Long Island and JFK airport into Lower Manhattan.

According to the mayor and governor, the link would “increase the global competitiveness of New York while helping hundreds of thousands commuters on Long Island and boosting the long-term job creation efforts in the city.” A number of senior business executives representing 18 Downtown firms noted that this rail link will create 56,000 jobs in Lower Manhattan and Downtown Brooklyn and produce more than $6 billion in economic output annually.

However, the rail link is not without its critics. A study of Lower Manhattan residents conducted earlier this year found that the rail link connection is not a popular use for the remaining funds. In a survey conducted by the Fiscal Policy Institute and Regional Plan Association, residents listed their priorities for the funds as housing (39%); followed by local economic development (23%); community services and facilities (17%); arts and culture (15%); and the JFK/LIRR tunnel (6%).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.