| NEW YORK
NEW YORK Feb 16 The Port Authority of New York
and New Jersey signed off on a $32.2 billion, 10-year capital
plan on Thursday, including funding to replace its main
Manhattan bus terminal and financing for a new Hudson River
passenger train tunnel.
The plan, proposed in January and approved after a public
response period, will guide repairs and expansions for the
bi-state authority's capital projects through 2026.
The Port Authority estimates the plan will create $20
billion in total wages and $56 billion in overall economic
It includes debt service on up to $2.7 billion of borrowing
for the first phase of Amtrak's $24 billion Gateway Program,
which would build a massive new train tunnel underneath the
Hudson River and is considered one of the most critical
infrastructure projects in the nation.
State and federal agencies have agreed to split funding for
The Port Authority operates airports, bridges and tunnels in
the bi-state area, which produces 10 percent of U.S. economic
output, according to the U.S. Census Bureau.
The capital plan incorporates $29.5 billion of direct
spending on Port Authority projects, including $3.5 billion for
a bus facility to replace the outdated, 66-year-old terminal on
Manhattan's West side.
That still is not enough to actually complete the project,
which is expected to cost at least $5 billion to $6 billion to
complete in the next decade, New Jersey Senator Robert Gordon
told the authority's board during its Thursday meeting.
(Reporting by Hilary Russ; Editing by James Dalgleish)