The city plans to accelerate more than $1 billion worth of critical investments to its infrastructure.
Mayor Michael Bloomberg, Comptroller John Liu and the City Council say they struck a deal to speed up the city's 4-year Capital Commitment Plan.
The plan includes repairs on schools, bridges and roads and continued work on projects like the third water tunnel.
The city says the fast-track will take advantage of low-interest rates on bonds, saving taxpayers more than $200 million in the long term.
It also says the plan will also generate thousands of jobs.
The city estimates some projects could be finished in 20 months.