13B deal for MTA projects

ALBANY — Gov. Cuomo and legislative leaders finalized a deal Sunday to fund the final three years of the MTA’S five-year capital program, the Daily News has learned.

The $13.1 billion agreement means projects like the Second Ave. subway, an East Side access line for the Long Island Rail Road, extension of the No. 7 line and completion of the Fulton St. transit center can move forward as planned, insiders said.

“This represents the greatest commitment to the MTA from a governor in recent history,” a source said.

It will also allow the MTA to go ahead with the purchase of subway and rail cars, a green bus program, station and communication improvement, and new elevators and escalators.

“It signals improvements for the rider experience while ensuring the backbone for the economic system in New York remains in place,” a source said.

The insider said a fully funded capital plan means 20,000 new jobs a year and an overall economic impact of $37 billion.

The deal does not affect scheduled fare hikes.

In 2009, the MTA put together a $24 billion capital plan that the state only funded for the first two years at $9.1 billion and cut by $1.6 billion last year.

The deal to close the gap will be in a budget bill to be voted on as early as Wednesday.

The state will kick in $700 million over three years. The MTA bond cap will be increased by $7 billion and the state will seek a low-interest loan.