Last week, New York, New Jersey and federal officials announced an agreement to create a corporation within the Port Authority of New York and New Jersey that will oversee plans to build a new rail tunnel under the Hudson River. The new entity, called the Gateway Development Corporation, will coordinate the project and assemble the billions of dollars needed to pay for it. It will be controlled by a four-member board with representatives from New York, New Jersey, Amtrak and the federal Transportation Department.
Under the agreement, the federal government and Amtrak have agreed to finance half of project, which could cost as much as $20 billion.
Gov. Cuomo said:
“Building this new tunnel is absolutely critical to the long-term vitality of New York and the entire northeast region. We have been working to break the federal logjam and get the federal funding that this massive undertaking requires, and for the first time, with this agreement, our partners in Washington are putting real dollars – not just loans – on the table. New York and New Jersey’s offer to pay for 50 percent of the project was meant to provoke federal action, and I also thank Senator Schumer and Senator Booker for their support in accomplishing that goal. As soon as the federal government delivers the funding we will proceed – because our shovels are ready.”
Being able to get people and products in and out of the New York City region is critical the well-being of the state’s economy. We’re pleased to see that this long-overdue effort to improve the region’s infrastructure is beginning to move forward, and the see state and federal leaders working together to make this happen.