Capital Investment: New York/New Jersey
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New York/New Jersey: Port Authority Approves Unprecedented $32.2 Billion 10-Year Capital Plan
The board of commissioners of the Port Authority of New York & Jersey on February 16 approved the agency’s $32.2 billion 2017-2026 Capital Plan. That includes $29.5 billion in direct spending on port authority projects and a $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.
Seaport-related investments include $578 million for the Bayonne Bridge Navigational Clearance Project, which will allow larger ships to access the Port of New York and New Jersey; $364 million for the Port Wharf and Berth Replacement Program; $164 million for the port and rail cargo facility at Greenville Yard; and $162 million for the Goethals Bridge Replacement Project.
The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.
At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones.
The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.
The capital plan also includes funding to rebuild some of PATH commuter rail system’s aging stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.
To further address the region’s trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.
The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The port authority expects the plan’s multi-billion investment will result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.
All projects remain subject to board authorization processes, and, before they proceed, are subject to a "gates" review process that looks at agency revenue and the ability to finance them.
The board of commissioners of the Port Authority of New York & Jersey on February 16 approved the agency’s $32.2 billion 2017-2026 Capital Plan. That includes $29.5 billion in direct spending on port authority projects and a $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.
Seaport-related investments include $578 million for the Bayonne Bridge Navigational Clearance Project, which will allow larger ships to access the Port of New York and New Jersey; $364 million for the Port Wharf and Berth Replacement Program; $164 million for the port and rail cargo facility at Greenville Yard; and $162 million for the Goethals Bridge Replacement Project.
The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.
At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones.
The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.
The capital plan also includes funding to rebuild some of PATH commuter rail system’s aging stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.
To further address the region’s trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.
The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The port authority expects the plan’s multi-billion investment will result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.
All projects remain subject to board authorization processes, and, before they proceed, are subject to a "gates" review process that looks at agency revenue and the ability to finance them.
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