The Board of Commissioners of the Port Authority of New York and New Jersey announced a USD 300 million financial commitment for the for the Portal North Bridge, a critical component for trains into and out of New York City.
The funds authorized will fund debt service on a USD 284 million low-cost loan to be made to the development corporation and USD 18 million in loan expenses to help pay for new Portal North Bridge.
The agreement will cover the principal, interest and related costs of low-interest federal loans obtained by the Gateway Program Development Corporation (GPDC) for a portion of the local share of the estimated USD 1.5 billion cost of replacing the existing Portal Bridge.
The Port Authority’s commitment will pay debt service on a low-cost federal loan for the Portal North Bridge, a critical rail infrastructure component for trains into and out of New York City. The planned bridge project already is fully permitted with construction starting as early as 2018, an early part of the overall program of adding a second rail tunnel between New Jersey and Midtown Manhattan.
The project has made preliminary applications for, and is in discussions with, federal government on 50 percent of Gateway Programme costs to be funded by the federal government, including the Portal North Bridge project, with the remainder coming from state and local sources.
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