Port Authority of New York & New Jersey approves largest ever $32.2bn planStaff Writer | February 18, 2017
The Port Authority of New York & New Jersey Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan.
Shipping The 10-year plan
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 greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones.
Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast.
It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive.
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’s aging rail 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.
The plan also includes funds to build AirTrain LaGuardia, providing the airport with rail access to and from Manhattan and other New York City destinations for the first time.
To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date - $2.7 billion - for the critical 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 plan’s multibillion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity. ■