Press Release Article


MEDIA ADVISORY - PORT AUTHORITY SECOND PUBLIC MEETING ON PROPOSED $32.2 BILLION 10-YEAR CAPITAL PLAN TO BE HELD FEBRUARY 7

Date: Feb 06, 2017
Press Release Number: 19-2017

The Port Authority will host the second of its two public meetings on its largest ever $32.2 billion proposed 2017-2026 Capital Plan on Tuesday, February 7, at Port Authority offices at 2 Montgomery Street in Jersey City.

The meeting, which will begin at 5 p.m. with the last speakers called at 7:45 p.m., will be attended by Board commissioners as well as the executive director and chief financial officer. The meeting location is one block from PATH’s Exchange Place Station in Jersey City. To speak at the meeting, members of the public can register in advance by clicking here: http://corpinfo.panynj.gov/pages/capital-plan-speaker-registration/

One site registrations also will be available at the door beginning at 4:30 p.m.

The public meetings are just one component of the Port Authority’s month-long public review and comment period on the proposed 10-year plan. The plan is posted on the Port Authority’s web site and comments on the document can be submitted through February 15 to publiccomments@panynj.gov. The Board is scheduled to take action on the plan at its February 16 meeting. Prior to that action, the Board will consider public comments received in order to determine if any modifications to the proposed plan are warranted.

The proposed plan outlines new major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that looks at agency revenue and the ability to finance them. The significant projects include:

  • A new Port Authority Bus Terminal.
  • The redevelopment of John F. Kennedy International Airport and a new AirTrain system to serve LaGuardia Airport.
  • The redevelopment of Terminal A at Newark Liberty International Airport.
  • The redevelopment of LaGuardia Airport’s Terminals C and D.
  • The extension of the PATH system to the rail link station at Newark Liberty International Airport.

The proposed plan also includes $8.8 billion – or 30 percent of the total 10-year spending – for critical renewal projects at the agency’s transportation facilities, including nearly $2 billion to restore the George Washington Bridge, $1.4 billion to replace the Lincoln Tunnel Helix and $550 million to replace wharves and piers. The proposed Capital Plan also follows the Special Panel’s recommendation to redeploy $600 million in regional development funds previously allocated to both states.

The proposed Capital Plan includes a commitment to pay debt service on up to $2.7 billion of expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects.

The plan also includes $7.6 billion to finish projects currently in construction, such as LaGuardia Airport’s ongoing Terminal B redevelopment project, the Bayonne Bridge, Goethals Bridge, PATH’s signal replacement program, upgrades to the Harrison and Grove Street PATH stations and the port and rail cargo facility at Greenville Yard.

CONTACT:
Port Authority of New York and New Jersey
212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where the 1,776-foot-tall One World Trade Center is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.


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