Port Authority approves $32B to revamp bus terminal, airports

Funding will also go to Gateway project

New York /
Jan.January 06, 2017 08:08 AM

The Port Authority of New York and New Jersey reached a deal on how to fund parts of the new 42nd Street bus terminal, airport renovations and other projects, approving a preliminary $32 billion capital-works plan Thursday.

Under the plan, New York State will pay a third of $3.5 billion earmarked for the construction of a new bus terminal, with New Jersey forking over the rest. The project is expected to cost $10 billion, and the authority hopes the federal government will chip in as well.

The two states had been arguing over who should pay what share, and the preliminary funding plan could still be scuttled: the Port Authority’s board will vote on it following public review, and the governor of either state can veto it.

Gov. Andrew Cuomo secured $2.9 billion for the LaGuardia airport revamp he has championed, and another $2.5 billion for a John F. Kennedy airport overhaul announced earlier this week. Another $2.7 billion will pay for debt service on the Amtrak Gateway project to fix bridges and tunnels.

Cuomo has clashed with the Port Authority’s chair John Degnan over projects. On Thursday, Degnan, of New Jersey, said “the capital plan is not a function of any disagreements I might have with the governor.”

The Port Authority was initially scheduled to approve the preliminary plan in December, but postponed it amid a dispute over the bus terminal. [WSJ] — Konrad Putzier


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