$9B Investment Plan Unveiled

Thursday, January 11, 2001
Port Authority of New York and New Jersey unveiled a sweeping $9 billion construction plan for improvements at its airports, bridges, tunnels and PATH commuter rail system, Reuters reported. The five-year proposal, formally released Wednesday, is part of an overall 10-year $14 billion proposal. The improvements could be on the way if Port Authority succeeds in getting fares raised to $7.00 at its bridges and to $2.00 on the PATH. The toll increases would generate $208 million a year. Public hearings will be held on the increases, which would then be reviewed by the governors of New Jersey and New York, who could then veto the plan or approve it. Under the improvement plan, the largest chunk of cash would be spent on the delay-plagued airports, which would receive $4.5 billion. The PATH system would receive $1.8 billion. The George Washington Bridge would receive $552 million, with the Holland and Lincoln tunnels receiving $318 million and $239 million, respectively. More than $3.7 billion would be spent on port commerce and marine development, according to the plan, which includes money for deepening channels to allow large, modern ships to use the harbors.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Port of Long Beach Announces Executive Appointments

The Long Beach Board of Harbor Commissioners recently filled key Harbor Department executive posts with staff veterans as the Department continues to undergo a

Lerwick Port Awards £16.5 mi Expansion Contract

Lerwick Port Authority has awarded a construction contract for the latest expansion of the harbour’s facilities in a project costing a total of £16.5 million

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2105 sec (5 req/sec)