Gov. Andrew Cuomo and the legislative leaders have agreed to a plan creating New York's first infrastructure fund to inject over $1 billion in job-creating investment.

More than 200 drivers cross over structurally deficient bridges in New York every second.The accelerated state funding will leverage $10 billion in direct capital investment to create thousands of direct jobs by rebuilding roads and bridges; parks, dams and flood control projects; upgrading water systems and educational facilities; and investing in energy efficient improvements to commercial and residential buildings.

Specific investments undertaken by the New York Works Infrastructure Fund include replacing deficient state and local bridges in every region of the state, rehabilitating dams and flood control infrastructure, renovating parks, rebuilding water systems, conducting energy retrofits on homes, farms, businesses, and schools, as well as accelerating major SUNY and CUNY projects.

The Governor and the legislative leaders agreed on proposing legislation that will permit the New York Works Infrastructure Fund to bid the design and construction of infrastructure projects as a single contract, reducing costs and improving construction time. Passage of "Design-Build" legislation would shave 9 - 12 months from the construction time of major infrastructure projects.

The fund would also streamline permitting and regulatory approvals for infrastructure projects and procurements and consolidate activities across agencies and authorities.

Financing for the infrastructure fund would be provided through advancing capital investment and the creation of a public/private infrastructure fund. $700 million in state capital investments would be front loaded to increase job and economic impact by moving up capital projects planned for 2013 to 2012 wherever possible. An additional $300 million from the Port Authority would be directed towards funding for infrastructure projects in New York City. A new public/private infrastructure fund would raise up to $1 billion from pension funds and private investment -- although that plan has raised some controversy.