New York’s Multi-Tiered Coastal Funding Model Offers Template for Harbor Infrastructure Projects
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By Claude Solnik, Published in fireislandnews.com
New York’s approach to financing long-term coastal resilience demonstrates how complex federal, state, and local partnerships can be structured to support major maritime infrastructure investments. The funding mechanism provides insights for other coastal regions seeking sustainable financing for harbor protection and maintenance projects.
Federal money would have to be authorized by Congress in the Army Corps budget every two years to fund the 50/50 split between federal and non-federal funds. The non-federal share is then divided, 70% funded by the state and 30% paid for by the local sponsors. All five FIMP towns are the local sponsors — Babylon, Islip, Brookhaven, East Hampton, and Southampton. They must sign project participation agreements, or PPAs. Suffolk County is also a local sponsor for their beaches. The $1.7 billion funding related to Fire Island and the South Shore, hardly a lump sum, would be dispersed over 50 years, but only 30 for Fire Island. But money hasn’t yet been appropriated or matched as it must be.
“They’re not raising the money now through state bonds or taxation. They put a line in the budget, saying this money is authorized to be spent over the next 50 years, if there is a need and if a project is agreed upon,” said Suzy Goldhirsch, president of the Fire Island Association.
Read the Full Article Here: New York State Authorizes $1.7 Billion to Fund Fire Island to Montauk Point Storm Resilience
