Port Authority Approves $3.5 Billion to Replace Bus Terminal

Port Authority Approves $3.5 Billion to Replace Bus Terminal

It is expected to cost $7 million, officials said. The Port Authority expects users to increase 45 percent within 23 years.

New Jersey commissioners and lawmakers had pushed for the $70 million in planning funds for the bus terminal as a condition for allowing the 10-year plan to advance.

The board's blueprint for the region's transportation infrastructure sets funding for the next 10 years for improving the region's rail, bridge and tunnel traffic.

Zimmer and City Councilwoman Tiffanie Fisher were among Hoboken residents who attended a February 8 public hearing on the capital plan in Jersey City who urged the Port Authority to fully fund the bus terminal.

The capital plan incorporates $29.5 billion of direct spending on Port Authority projects, including $3.5 billion for a bus facility to replace the outdated, 66-year-old terminal on Manhattan's West side.

"There's no question that the region's transportation needs are growing at a far greater rate than the resources that are available to address them", said Port Authority Chairman John Degnan. "This 10-year plan provides a record level of investment in all of these areas that will meet and support the region's growth and serve as a major job creator for the next decade".

The parking fee at the long-term lot, P10, remains at $18 daily, the PA said, making it much cheaper than the $59 daily fees at the lots closer to the terminals.

The Port Authority of NY and New Jersey approved $70 million to begin planning for a a new bus terminal on Manhattan's west side, turning aside requests by some NY officials to study alternatives.

The Port Authority estimates the plan will create $20 billion in total wages and $56 billion in overall economic activity.

The plan, proposed in January and approved after a public response period, will guide repairs and expansions for the bi-state authority's capital projects through 2026. It even includes money for the long-stalled Gateway Tunnel Project, which aims to shuttle more rail commuters under the Hudson as the current two tracks hit capacity. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous "gates" review process before they proceed that look at agency revenue and the ability to finance them.

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