Date: Feb 06, 2014
Press Release Number: 34-2014
The Port Authority invites the public and other interested stakeholders to comment on its $27.6 billion, 10-year preliminary Capital Plan, which focuses the agency on its core mission of maintaining and building regional transportation infrastructure.
The Capital Plan document is available on the Port Authority’s website for public review – http://www.panynj.gov/corporate-information/budget-capital-plan.html. The agency is requesting that comments be received by February 14, but will review any submissions through February 18. Comments received will be distributed to the Port Authority Board for review prior to the time they act on the plan at the February 19 meeting.
The 10-year capital spending plan – which covers the years 2014 through 2023 – will serve as a regional economic engine, resulting in 126,000 total job years and $29 billion in economic activity. It is one of the most comprehensive efforts ever undertaken by the 93-year-old agency to painstakingly identify and prioritize its critical long-term transportation needs.
Development of the plan followed a lengthy, rigorous risk-based scoring process undertaken by the agency’s operating professionals and engineering staff to define projects that are of the most importance to the regional movement of people and goods. Approximately 46 percent of the total Capital Plan spending is on state of good repair projects as the agency focuses on maintaining the assets in its existing portfolio.
For the tens of millions of customers who use the Port Authority’s facilities every year, the plan also contains projects that will directly impact their daily travel, including the redevelopment of the Central Terminal Building at LaGuardia Airport; the raising of the Bayonne Bridge to ensure the long-term viability of the region’s port; the extension of PATH to Newark Liberty International Airport, giving travelers a one-seat ride from Lower Manhattan to the airport; the replacement of the Goethals Bridge with a state of the art bridge that will speed access across the bridge and improve safety, an upgraded PATH signal system that will result in more reliable train service and fewer delays, and the reconstruction of the Lincoln Tunnel Helix, which will provide greater roadway capacity for future growth.
Port Authority of New York and New Jersey
Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.