We will seek to create a SMART Financing Authority to advance new projects and achieve a state of good repair
We will seek to work with the State to establish the Sustainable Mobility and Regional Transportation (SMART) Financing Authority, which would serve as a transportation infrastructure bank for the region. This authority would be funded through dedicated revenue streams that could be bonded against to advance critical capital expansions that improve connections between the city and the surrounding region. (See charts above: How the SMART Financing Authority Would Fund Regional Transportation Projects)

Revenues
For two generations, our inability to raise sufficient funds for transportation investments has undermined the mobility of our region. That is why we must tap new sources of funding if we are to make our goals a reality. Further, that funding responsibility must be borne equitably.

All of these projects serve New York City in some way, so the City must share in funding them. Virtually all of them-even those wholly within the five boroughs-serve the region's commuters as well, and so non-city residents should also contribute. That is why we will seek to partner with the State to establish three dedicated revenue streams that split the contributions evenly between city and non-city resident commuters.

Progress (as of 4/22/08):
PlaNYC proposed a dedicated source of funding--with contribution from the City, State, and congestion pricing revenues--allocated by a new regional authority. The proposal's intent was met by the lockbox proposed for congestion pricing revenues, but the State Legislature's failure to vote on congestion pricing eliminated that dedicated revenue source.