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A Freight Plan for the NYMTC Region 7.0 Financing The NYMTC region faces significant capital financing needs for freight. Historically, it was believed that the private sector, which operates most freight services, would take care of these needs, driven by profit and the need to expand. Now, freight needs have come to be considered as societal needs as well due to the externalities generated by freight movement. These externalities include congestion, air pollution, community impacts, and wear and tear on the infrastructure. In addition, in the NYMTC region, unlike in many areas, much of the rail freight infrastructure is publicly owned but privately operated. For these reasons, various levels of government have proposed or implemented projects and programs to address freight needs. Governments at the Federal, state, and local levels have made limited funding available for some categories of freight projects. The purpose of this section of the freight plan is to: • Describe the financial needs of freight movement in the NYMTC region; • Examine issues relating to finance; • Summarize funding sources; and • Discuss follow up activities. • 7.1 Financial Needs The NYMTC Regional Transportation Plan specifies transportation capital funding needs broken down by state of good repair, normal replacement, and capacity expansion. The Plan identifies $143 billion in projects during the years 2000 through 2025, versus a likely funding allocation of $150 billion from all Federal, state, and local sources. Because under Federal regulations regional plans must be financially constrained, the Program of Projects is driven by an estimate of available funding, and not by an estimate of need. The transportation needs of the region far exceed available funding. This relationship of projects, funding, and needs is shown in Figure 7.1. Based on the limited cost estimates made available for this study, projects identified in Section 5.0 for further advancement or study would cost approximately $2 billion. These projects have cost estimates in the right-hand column of Tables ES.1 and 5.1. In addition, the Cross Harbor tunnel and ancillary facilities would cost between $4.4 and $7.3 billion, depending on whether a single or double tunnel system was constructed. Cambridge Systematics, Inc. 7-1
A Freight Plan for the NYMTC Region Figure 7.1 Projected RTP Financial Analysis (2000-2025) Needs versus Resources Dollars (in Billions) Vision Element 160 150 140 130 120 110 Current TIP – $1 Billion SAS – $16 Billion Funding Available for Other Improvements $150 Billion including SAS and ESA $143 Billion 100 90 80 70 60 50 Federal – $50 Billion; State/Local/ Other – $91 Billion LIRR ESA – $6.3 Billion State of Good Repair – $121 Billion 40 30 20 10 0 Resources Needs These estimates do not include the costs of potential major highway improvements that would benefit both passenger and freight transport, such as the improvements to the Highbridge Interchange, continuous service roads on the Cross Bronx and Staten Island Expressways, removal of the height clearance restriction on the Brooklyn-Queens Expressway, and as yet undefined improvements to the JFK Airport corridors. Taken together, these projects would comprise a multi-billion dollar highway investment program. • 7.2 Issues Relating to Finance The NYMTC region faces a growing gap between the demand for transportation improvements and the likely supply of funding available from Federal, state, regional, and local sources. Choices will have to be made about which projects receive priority for advancement. Cambridge Systematics, Inc. 7-2
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NEW YORK METROPOLITAN TRANSPORTATIO
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A Freight Plan for the NYMTC Region
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Table ES.1 Actions by Goals and Str
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