Press Release Article


Date: Jun 21, 2007
Press Release Number: 55-2007

At its monthly meeting this afternoon, the Port Authority Board of Commissioners took the following actions:

  • Authorized the Port Authority to enter into a long-term sub-net lease ending in 2100 with JPMorgan Chase & Co. to build a 1.3 million-square-foot skyscraper at the World Trade Center site now occupied by the Deutsche Bank building. Under terms of the agreement, JPMorgan Chase will pay the Port Authority $290 million for the development rights during the first three years of the lease, and an additional $10 million for capital construction costs for St. Nicholas Greek Orthodox Church and/or the World Trade Center Memorial Foundation.

  • Authorized a $43 million project for the rehabilitation of four taxiways, the restricted vehicle service road, and the cargo apron area at John F. Kennedy International Airport to maintain a state of good repair.

  • Authorized five-year reimbursable agreements with the Federal Aviation Administration to provide for reimbursement to the FAA in an aggregate amount not to exceed $3 million for work performed on the Port Authority’s behalf in connection with capital projects at the agency’s airports.

  • Ratified an arrangement reached between the Port Authority and the New Jersey National Guard for additional National Guard security personnel to patrol the PATH rail system for the period from May 16, 2007, through December 31, 2007.

  • Authorized an agreement with Conrail to provide for reimbursement of approximately $7 million for Conrail’s costs to design and build approximately 7,600 linear feet of yard track, which will connect to and parallel the Chemical Coast Line. The reimbursement also includes the rehabilitation and signalization of approximately 39,000 linear feet of the Chemical Coast Line tracks between Port Newark and the Staten Island Railroad Chemical Coast Connector.

  • Authorized the Executive Director to enter into necessary agreements with the New Jersey Department of Transportation, New Jersey Turnpike Authority or other appropriate agency to provide up to $32 million in Port Authority funds towards a project to mitigate traffic congestion on Route 3 and the New Jersey Turnpike approaches to the Lincoln Tunnel.

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