NEW YORK — Mayor Bill de Blasio on Thursday announced $1 billion in city funds for the next three years to boost transportation infrastructure in New York City.
The city will be putting up $1.3 billion in a Transportation Trust Fund, the mayor’s office announced.
The mayor said the funds would go toward improving streetlights, sidewalks and sidewalks and stormwater management.
The funds will be matched by $600 million from the city’s general fund.
The $1 million will go to the city and the state to help pay for the $1 trillion capital investment plan, which will be announced this summer.
The capital plan will also include an increase in the state’s share of the total cost of the capital project, which the mayor said would be $1-2 billion.
De Blasio announced the funding on Thursday in a citywide event to celebrate the opening of the new city office.
He said he’s excited to see what the city can accomplish.
New York City was the first U.S. city to declare bankruptcy in the last century.
The city has made major progress in the past few years in improving its transportation system, and has set new standards for safety and cleanliness.