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Rail News Home Financials

9/15/2016



Rail News: Financials

New York state to award $27.9 million for rail, port improvements


New York Gov. Andrew Cuomo yesterday announced the availability of $27.9 million to preserve and enhance rail and port services in major trade and passenger travel corridors across the state.

The New York State Department of Transportation will select projects to receive the funds through a competitive solicitation process, according to a press release issued by Cuomo's office. In addition, the department will rate the projects based on established criteria, such as a cost benefit analysis, adherence to regional economic development plans and compatability with other private and public investments.

Eligible project activities include track and bridge rehabilitation; yard terminal and siding construction; elimination of clearance obstructions; wharf, dock and bulkhead construction; dredging; and other projects that enhance economic competitiveness.

"This funding will improve rail safety and reduce transportation congestion on our roads, bolstering economic competitiveness and encouraging future growth," said Cuomo.

The funding was included in New York's $21.1 billion five-year state transportation plan under Cuomo's passenger and freight-rail assistance program.

The department will accept applications through Nov. 4. More information can be found here.



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