Press Release Article


PORT AUTHORITY BOARD TAKES ACTION ON SEVERAL ITEMS

Date: Dec 19, 2007
Press Release Number: 113-2007

At its monthly meeting this afternoon, the Port Authority Board of Commissioners took the following actions:
  • adopted a $5.9 billion budget for 2008, which includes $2.3 billion for operating expenses, $2.58 billion for capital expenses, $814 million for debt service, and $173 million for other expenditures;


  • authorized a $29.5 billion updated 2007-2016 10-year Capital Plan, which results in an increase of $3.4 billion since the initial adoption of the Capital Plan in 2006. The increase is due primarily to $1 billion for additional security initiatives; an additional $1 billion for the Access to the Region’s Core project; and continued redevelopment of the World Trade Center site;


  • authorized the Executive Director to enter into leases and related agreements with 20 X Square Associates, LLC, a joint venture of Vornado Realty Co. and the Ruben Companies, to develop, build, lease and operate an office tower above the Port Authority Bus Terminal and a retail complex within the terminal;


  • authorized the Executive Director to eliminate the AirTrain JFK Access Fee now assessed on Long Island Rail Road/AirTrain JFK monthly tickets, effective on January 1, 2008;


  • authorized $5.5 million in planning for the design of near-term structural rehabilitation of the George Washington Bridge upper-level deck, and an assessment of future capital investment needed to maintain the bridge in a state of good repair;


  • authorized a $200 million project for the design and construction of the central chiller plant and river water system at the World Trade Center site. The project will serve the World Trade Center Transportation Hub, World Trade Center retail, the National September 11 Memorial and Museum, and other stakeholders, including the World Trade Center Performing Arts Center; authorized two parcels totaling approximately 9.8 acres of the 102-acre Port Authority-owned site located adjacent to the Elizabeth Port Authority Marine Terminal to be declared surplus and convey the property to Catellus Urban Renewal North Avenue I, LLC. Also authorized the Port Authority to acquire from Catellus the title to two parcels totaling approximately three acres located at the Elizabeth Seaport Business Park needed by the Port Authority for its project to upgrade North Avenue. Also authorized agreements to grant Catellus permanent access and drainage easements on Port Authority property; and


  • approved, through its Committee on Financing, an extension of the existing brokerage agreement with Marsh USA Inc., to provide brokerage services to administer the existing Public Liability Insurance program for a one-year period.

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