What Can $46 Million Get You These Days?

An interest payment on the forward-thinking 7 train extension, for one:

The city will spend $46 million next year on a subway to nowhere — the first time taxpayers have put cash toward Mayor Bloomberg’s dream of extending the 7 train to the far West Side.

Bloomberg budgeted $300 million for the subway project over the past five years but never spent any of it. Developer fees and investment income had paid the interest on bonds financing the $2.1 billion extension.

Next year, however, Hudson Yards Infrastructure Corp. President Alan Anders expects the city will cover half the $97.5 million interest cost.

. . .

Bloomberg committed the city to pay for the 7 train extension because he believes it will spur new growth. The MTA does not consider it a priority and is not funding the project.