New York City plans to make more than $1 billion available for infrastructure projects that are already in progress or ready to begin, under an accelerated program announced today, Oct. 17. The move, part of the city's updated four-year Capital Commitment Plan, will create about 8,000 mostly construction-related jobs during the next two fiscal years, said Mayor Michael Bloomberg in announcing the effort at a press conference with City Council Speaker Christine Quinn and City Comptroller John Liu.
To do this, the city will borrow the $1 billion at low interest rates at a time when construction costs are also low. The low interest rates will help the city save more than $200 million, Liu says.