Port Investment: New York/New Jersey
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New York/New Jersey: Port Authority Posts for Public Comment Proposed $32.2 Billion Draft 10-Year Capital Plan
The Port Authority of New York & Jersey is inviting public comment on the agency’s $32.2 billion draft 2017-2026 Capital Plan. This posting on the agency’s website launches a month-long public review and comment period on the proposed 10-year plan.
To view the document, click here.
The plan includes $29.5 billion in direct spending on port authority projects and a commitment to support debt service on $2.7 billion for the Gateway passenger rail tunnel project and related infrastructure.
The plan also outlines spending of $1.1 billion over the next 10 years toward capital improvements at port facilities that will enable the New York and New Jersey region to remain competitive and sustainable while meeting regional growth plus anticipated increases in container traffic.
Seaport-related investments include $578 million for the Bayonne Bridge Navigational Clearance Project, which will allow larger ships to access the Port of New York and New Jersey; $364 million for the Port Wharf and Berth Replacement Program; $164 million for the port and rail cargo facility at Greenville Yard; and $162 million for the Goethals Bridge Replacement Project.
The development of the proposed plan is the result of the board’s February 2015 endorsement of the recommendations of the Special Panel on the Future of the Port Authority, which called for the port authority to reassess and update its 10-year capital plan to reflect a more focused investment in the region’s transportation needs.
Staff from the agency’s Finance, Engineering, Operations, and Capital Planning departments spent hundreds of hours developing a fiscally balanced, comprehensive and prioritized approach to invest in the region’s transportation needs and maintain the agency’s assets in a state of good repair.
The board is scheduled act on the plan at its February 16 meeting.
All projects remain subject to board authorization processes, and are subject to a "gates" review process that looks at agency revenue and the ability to finance them.
The Port Authority of New York & Jersey is inviting public comment on the agency’s $32.2 billion draft 2017-2026 Capital Plan. This posting on the agency’s website launches a month-long public review and comment period on the proposed 10-year plan.
To view the document, click here.
The plan includes $29.5 billion in direct spending on port authority projects and a commitment to support debt service on $2.7 billion for the Gateway passenger rail tunnel project and related infrastructure.
The plan also outlines spending of $1.1 billion over the next 10 years toward capital improvements at port facilities that will enable the New York and New Jersey region to remain competitive and sustainable while meeting regional growth plus anticipated increases in container traffic.
Seaport-related investments include $578 million for the Bayonne Bridge Navigational Clearance Project, which will allow larger ships to access the Port of New York and New Jersey; $364 million for the Port Wharf and Berth Replacement Program; $164 million for the port and rail cargo facility at Greenville Yard; and $162 million for the Goethals Bridge Replacement Project.
The development of the proposed plan is the result of the board’s February 2015 endorsement of the recommendations of the Special Panel on the Future of the Port Authority, which called for the port authority to reassess and update its 10-year capital plan to reflect a more focused investment in the region’s transportation needs.
Staff from the agency’s Finance, Engineering, Operations, and Capital Planning departments spent hundreds of hours developing a fiscally balanced, comprehensive and prioritized approach to invest in the region’s transportation needs and maintain the agency’s assets in a state of good repair.
The board is scheduled act on the plan at its February 16 meeting.
All projects remain subject to board authorization processes, and are subject to a "gates" review process that looks at agency revenue and the ability to finance them.
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