Vol. 1, No. 1, November 2006
|Our Generation's George Washington Bridge Moves Forward||
The Port Authority of New York and New Jersey was created to build regional prosperity through transportation. Our job is to plan and build the landmark, generational projects that support economic growth today and tomorrow.
As part of our new strategic capital plan, the Port Authority Board of Commissioners has authorized an investment of at least $1 billion towards the construction of the Trans-Hudson Express (THE) tunnel project. This critical mass transit project will create an additional passenger rail tunnel connecting New York City to New Jersey and to Rockland and Orange Counties. It also includes the expansion of New York's Penn Station beneath 34th Street.
In the next twenty years, increased competitiveness from this additional transit capacity will create 44,000 new high paying jobs on both sides of the Hudson and $10 billion in additional Gross Regional Product.
|Port Authority Moves Forward on Redevelopment of World Trade Center Site and World Trade Center Memorial.||
The Port Authority approved agreements with Silverstein Properties that will ensure the timely rebuilding of the World Trade Center Site. The Port Authority will develop Towers 1 and 5 and Silverstein Properties will develop Towers 2, 3 and 4. The World Trade Center retail lease will continue to be owned by the Port Authority.
In addition, at the request of the World Trade Center Memorial Foundation, the Port Authority has assumed responsibility for construction of the World Trade Center Memorial, the Memorial Museum and the Visitor Education and Orientation Center.
Work has already begun to build the Memorial's foundations and footings. The Memorial will be a lasting tribute to the nearly 3,000 men and women, including so many in the Port Authority family, who made the ultimate sacrifice on September 11th.
|The Port Authority Invests over $2 billion to enhance security.||
Security is a part of every investment and decision the Port Authority makes. Since 9/11, we've spent more than $2 billion to enhance security at our airports, bridges, tunnels, seaport and PATH trains.
To help pay for this added security, the Port Authority has taken actions to strengthen financial oversight and accountability and cut $150 million in costs.
|Cargo Commerce Sets New Record — Port Authority invests to Create More Jobs||
The Port Authority of New York and New Jersey set a new cargo record during the first six months of 2006. Containerized cargo rose 10%, exceeding projections by nearly 50%.
The port is a vital component of the regional economy, supporting 233,000 jobs and generating $12 billion in wages. Our new strategic plan calls for investing more than $1 billion to deepen port channels, expand rail infrastructure and convert vacant brownfield sites into warehousing and distribution facilities. Our goal is to make our port safer and more attractive to international shippers without increasing congestion on our roads.
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