The Port Authority of New York & New Jersey has a lot of big projects it needs to get to and a budgetary move could help them get off the ground, as it were. The agency is preparing a capital plan that would run from 2016 to 2026, supplanting the current capital plan, which ends in 2023, Bloomberg reported. The move could free up $7.5 billion in funding for major projects, such as the new Hudson River rail tunnels and a new Port Authority Bus Terminal.
The estimated cost of the new bus terminal is $10 billion and the project could take 15 years, in part because the terminal would still need to operate during construction. It currently serves 230,000 passengers a day, and that’s expected to grow to 340,000 by 2040.
As for the tunnels, they are desperately needed already and the need for them will only grow. The existing tunnels need to be shut down for a complete overhaul. That project will cost $20 billion, and New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie have agreed to split the cost with the federal government. One piece of good news recently came about that project, dubbed the Gateway Project. The is $70 million allocated for early engineering work.
One thing that will help with this new capital plan is that spending at the World Trade Center is gradually winding down. Selling air rights over the bus terminal could also bring in a lot of money for the agency. They’ve raised tolls and fares over the year, but the report says they don’t plan to do any more of that.