Federal and Amtrak officials and state officials from New York and New Jersey announced Nov. 11, 2015 that they have reached an agreement on funding commitments and a governance structure that will allow the long-awaited, critically important $20 billion Gateway Tunnel Project to construct two new rail tunnels under the Hudson River to move forward.
The agreement establishes a new federal commitment to fund 50% of project costs and creates the “Gateway Development Corp.” under the Port Authority of New York and New Jersey (PANYNJ) to leverage billions in federal grant and loan funding for the project. The corporation will include the states of New York and New Jersey, the U.S. Department of Transportation (USDOT) and Amtrak as members and will be established and chaired by PANYNJ.
“The agreement marks a major milestone in the effort to build a new trans-Hudson river tunnel that is an essential portion of Amtrak’s eight-state Northeast Corridor connecting the states of New York and New Jersey and is one of the region’s most critical infrastructure projects,” said Governors Andrew M. Cuomo of New York and Chris Christie of New Jersey. For the full article click here
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