NYC 9/11 Public Portal Document
Also, as a result of the destruction of the Port Authority (PA) and Metropolitan
Transportation Authority (MTA) stations and tunnels, approximately 375,000 daily subway riders
have been closed out of their regular stations. This represents nearly half of the daily riders in
downtown Manhattan. The following is an estimate cost breakdown for this category:
• $8.2 billion: World Trade Center and Hotel replacement;
• $2.4 billion: WTC and Hotel replacement equipment and renovation costs:
• $1.8 billion: MTA capital costs for safety, security and system compatibility;
• $1.7 billion: MTA direct infrastructure damage;
• $1.3 billion: PA cost of security enhancements;
• $1 billion: Private buildings -- cleaning, removal and remediation;
• $850 million: PA PATH subway station reconstruction;
• $250 Million: NYC road, water mains, sewers and road reconstruction;
• $245 million: MTA toll and fare revenue loss;
• $163 million: MTA reduction of tax subsidies due to economic disruption;
• $159 million: PA revenue losses directly attributable to disaster;
• $150 million: PA replacement of computer systems, office equipment and vehicles;
• $123 million: MTA disaster-related operating costs;
• $100 million: PA ferry service restoration and commuter substation;
• $90 million: PA replacement of authority-owned power facility;
• $50 million: City University New York lost facilities; and
• $30 million: PA replacement of EZPass and telecommunications equipment.
Total Cost: Approximately $19 billion
ECONOMIC RECOVERY & REVITALIZATION - $20 BILLION:
In addition to these 100 percent Federally funded efforts to rebuild the lower Manhattan site
of the Word Trade Center complex, we are seeking Federal Financial support for certain measures
key to addressing the broader State and City economic impacts of the tragedy. These measures are
fully compatible with the current Federal interest in stimulating the National economy.
Creation of Federal WTC "Liberty" Recovery Zone
This new zone would be created in Lower Manhattan with the goal of creating self-
sustaining, long-term economic development in New York with special emphasis on the areas
damaged or destroyed during the events of September 11. The Liberty Zone would establish special
tax incentives and grants for qualified businesses, designed to stimulate private investment, return
temporarily relocated jobs to the community and rebuild 25 million square feet of commercial office
space that was destroyed.
The Liberty Zone would also create financial incentives to encourage businesses that are
located within it to hire individuals who live and work nearby, as well as encourage investment in
buildings, equipment and infrastructure within the zone through tax-exempt bond financing and
favorable depreciation rules.
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NYC-WTC 000136682
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