NEW YORK IS BROKE[N]

Last week, a coalition of government officials, business and labor leaders and academics called for a bold new commitment, both locally and on the national level, to address New York's crumbling infrastructure--its decaying bridges and tunnels, antiquated energy grid, slowing subways and gridlock-choked highways. The group met in a special conference, "Banking on the Future: A New Paradigm for Rebuilding our Nation's Infrastructure," co-hosted by Manhattan Borough President Scott M. Stringer and the Steven L. Newman Institute for Real Estate at Baruch College.

"The stakes have never been higher when it comes to our nation's infrastructure, which is literally falling to pieces," said the Borough President. "What's needed is innovative thinking, and a plan of action that can restore the legacy of New York and its surrounding region as a place that tackles big projects, on time and on budget. We are here today to talk about solutions."

A key example is the proposed creation of an infrastructure bank to fund worthy projects, and the public-private partnerships such a bank could foster. Stringer hailed the conference's participants as a diverse group that could "not only plot a legislative strategy for creating an infrastructure bank, but also show how such a bank could help to grow jobs, leverage public and private dollars, modernize our roads and bridges, create a greener, more sustainable energy grid and usher in the age of real high speed rail." 

"These problems have been ignored for far too long--but if we decide to act responsibly now they also give us an unrivaled opportunity to spark growth and create new employment throughout our region," the Borough President concluded. "With today's conference, we are taking a giant step in that direction." 

"The Newman Real Estate Institute has been working for several years to raise awareness and promote engagement of infrastructure issues in the real estate industry, and our co-sponsorship of this event is a direct continuation of this work," said Jack Nyman, Director of the Newman Real Estate Institute. "We're committed to advancing our region's infrastructure agenda, through collaborative research projects and public events, for years to come."

"The Borough President is right," said former Pennsylvania Governor Ed Rendell. "The time is now for America to make a significant investment in its infrastructure. It will address a vital need and there is no better way to create well-paying jobs that can't be outsourced."

"We are in a fierce global competition with China and right now they are pulling ahead, in part because of their investments in infrastructure. They're not winning the space race, they're winning the ground game. They have invested more than $200 billion into high speed rail and they are building 97 new airports. I refuse to accept second place to China. I'm proud to be working with Borough President Stringer, Gov. Rendell, Congresswoman DeLauro and Congressman Nadler on innovative, job-creating ideas for infrastructure, such as an infrastructure development bank. We need to leverage public-private partnerships and rebuild America," said Rep. Steve Israel.

"It is no secret that investment in infrastructure is the key to economic growth and recovery," said Rep. Jerrold Nadler.  "In these days of dramatically shrinking budgets for essential programs, we should explore every possible tool at our disposal.  In addition to a number of other key initiatives, a national infrastructure bank could be a useful way to leverage resources and to carve out an appropriate role for the private sector in financing transportation and infrastructure projects."

"The infrastructure investment deficit we are facing in this country today must be met if we are going to develop state of the art transportation, water, energy and telecommunications systems that allow us to create jobs and compete with other economic power centers around the world," said Congresswoman DeLauro. "By creating an independent  and innovative National Infrastructure Bank that can leverage private capital and invest in projects of regional and national significance with clear economic, environmental and social benefits, we can rebuild America and the middle class while enhancing our ability to compete in the 21st century global economy." 

"Job creation is the most urgent domestic need in America," said Bernard Schwartz, Chairman and CEO of BLS Investments. The only program of size and immediacy that will put our people back to work is an infrastructure investment program. Such a program will also answer our need for competitiveness and should be initiated immediately.

"There is no greater challenge facing this country than finding new ways to finance the nation's transportation systems," said Mitchell Moss, Director of NYU's Rudin Center for Transportation Policy. "New York State needs to invest in our highways and mass transit systems to assure our economic future."

Felicity Gates, Co-Head of Citi Infrastructure Investors, added, "The US is in a unique position of having the opportunity to learn how privatizations have been both successful and unsuccessful in other parts of the world, and can learn from the experiences of other governments and countries which have been in the forefront of privatizations."

Participants included Honorable Steve Israel, U.S. House of Representatives; Honorable Jerrold Nadler, U.S. House of Representatives; Honorable Rose DeLauro, U.S. House of Representatives; Honorable Edward G. Rendell, Former Governor, State of Pennsylvania; Mitchell L. Moss, Director, Rudin Center for Transportation Policy and Management, New York University; Felicity B. Gates, Co-Head, Citi Infrastructure Investors; Bernard L. Schwartz, Chairman & CEO, BLS Investments LLP, and Christopher O. Ward, Executive Director, NY-NJ Port Authority.

Other participants included: Richard Anderson, President, New York Building Congress, Gary La Barbera, President, Building Construction Trades Council of Greater New York, Samara Barend, Vice President, Strategic Development Director for PPPs and Alternative Delivery, North America America AECOM Program; Gerry Bogacz, Director of Planning, New York Metropolitan Transportation Council; Garry A. Brown, Chairman, NYS Public Service Commission, Vonda Brunsting, Eastern Regional Director, SEIU Capital Stewardship, Robert B. Catell, Co-Chair, Advanced Energy Research & Technology Center, Stony Brook University-Manhattan; Tria Case, University Director of Sustainability, The City University of New York; John Dionisio, Infrastructure Director, Meridiam Infrastructure; Mike Fishman, President, 32BJ Service Employees International Union (SEIU), Stanley Gee, Executive Deputy Commissioner, NYS Department of Transportation; Reza Ghafurian, Technical Leader, Central Engineering,Con Edison; Jackson Morris, Senior Policy Advisor, Pace University Energy and Climate Center; Ya-Ting Liu, Federal Advocate, Tri-State Transportation Campaign; Michael Likosky, Institute for Public Knowledge, NYU; Kathy McCormack, Assistant Comptroller for Labor Affairs, Office of the State Comptroller; Joyce Miller, CEO Tier One Public Strategies; Robert E. Paaswell, Director Emeritus, Region II University Transportation Research Center, City College; James Parrott, Chief Economist, Fiscal Policy Institute Christopher J. Taylor, P.E., Deputy Director - High Speed Rail, AECOM; Petra Todorovich, Director, America 2050, Regional Plan Association