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New York, New Jersey commit $3.65 billion to fund tunnel project
Source: Reuters
#U.S. DECEMBER 14, 2017 / 6:27 PM / UPDATED 40 MINUTES AGO
New York, New Jersey commit $3.65 billion to fund tunnel project
Stephanie Kelly
3 MIN READ
NEW YORK (Reuters) - New York and New Jersey on Thursday committed $1.75 billion and $1.9 billion, respectively, to fund a new rail tunnel underneath New York’s Hudson River, part of an urgent program to expand and renovate Amtrak’s aging and heavily traveled Northeast Corridor line.
The announcement by New York Governor Andrew Cuomo and outgoing New Jersey Governor Chris Christie resolves questions about how the states would fulfill a promise to provide half of the funds toward the $12.7 billion Gateway Hudson Tunnel Project, among the country’s largest infrastructure programs.
New York said it would raise its portion through bond offerings while New Jersey would hike charges on NJ Transit rail passenger trips across the Hudson.
The Port Authority of New York and New Jersey will commit an additional $1.9 billion, the states said in a joint statement.
The project calls for the construction of a new train tunnel and the repair of national rail company Amtrak’s existing, century-old line between New York City and Newark, New Jersey, which officials have said could become unusable within the next decade.
-snip-
New York, New Jersey commit $3.65 billion to fund tunnel project
Stephanie Kelly
3 MIN READ
NEW YORK (Reuters) - New York and New Jersey on Thursday committed $1.75 billion and $1.9 billion, respectively, to fund a new rail tunnel underneath New York’s Hudson River, part of an urgent program to expand and renovate Amtrak’s aging and heavily traveled Northeast Corridor line.
The announcement by New York Governor Andrew Cuomo and outgoing New Jersey Governor Chris Christie resolves questions about how the states would fulfill a promise to provide half of the funds toward the $12.7 billion Gateway Hudson Tunnel Project, among the country’s largest infrastructure programs.
New York said it would raise its portion through bond offerings while New Jersey would hike charges on NJ Transit rail passenger trips across the Hudson.
The Port Authority of New York and New Jersey will commit an additional $1.9 billion, the states said in a joint statement.
The project calls for the construction of a new train tunnel and the repair of national rail company Amtrak’s existing, century-old line between New York City and Newark, New Jersey, which officials have said could become unusable within the next decade.
-snip-
Read more: https://www.reuters.com/article/us-new-york-new-jersey-tunnel/new-york-new-jersey-commit-3-65-billion-to-fund-tunnel-project-idUSKBN1E83C6