$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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Available: 300 Free Systems; Wanted: 300 Ships

Which will be the first 300 ships in the world to test and validate Sea Traffic Management (STM) with updated systems free-of-charge?   As the shipping domain

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | 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: 0.0618 sec (16 req/sec)