ITHACA, N.Y. – Tompkins Consolidated Area Transit, Inc. (TCAT) and Cornell University signed a second Memorandum of Understanding in late June formalizing Cornell’s annual fare payments to the transit agency through June 30, 2021.
The most recent agreement increases Cornell’s approximately $3.1 million annual fare payment by 1.5 percent each fiscal year from 2019 through 2021 for a total increase of $141,334. In addition, the university provides $837,432 in annual contractual payment as Cornell’s equal share of the investment in TCAT made by the City of Ithaca, Tompkins County and Cornell and $152,090 for Cornell’s equal annual share of capital expenses.
Cornell makes this annual fare payment to TCAT to subsidize the cost of Cornell’s OmniRide bus pass available to employees and students (first-year students receive a complimentary pass and all registered Cornell students can ride TCAT at no fare cost after 6 p.m. weekdays and anytime Saturdays and Sundays) as well as to enable Cornell staff and faculty to ride TCAT at no fare cost within designated routes on and near campus.
“Cornell is pleased to continue its commitment to TCAT,” said Vice President for University Relations Joel Malina. “The university encourages our students, faculty and staff to utilize safe and sustainable transportation options whenever possible, and we value the essential service that TCAT provides to Cornell, the City of Ithaca and its surrounding communities.”
“I am pleased to say that both parties worked both diligently and in unison to help TCAT provide a critical service to Cornell, and to TCAT’s entire service area,” said TCAT Board Chair David J. Howe. “TCAT relies on fare payments, as well as local, state and federal funding. With uncertainty surrounding public funding, particularly at the federal level, Cornell’s pledge gives TCAT more confidence and security that it can meet its financial obligations to provide the best service possible going forward.”
Both parties announced they will begin negotiations in 2019 for a new agreement to extend the schedule of fare payments beyond 2021.
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