$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 April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival

An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.

CRMG Cranes Arrive in Mersey for Liverpool2

First six of 22 to be installed at £300m terminal; arrival marks end of 13,730 mile (11,930nm) journey from Nantong, China   The first six cantilever rail-mounted

UN to Start Inspecting Commercial Shipments to Yemen

The United Nations will start inspecting shipments to rebel-held ports in Yemen in a bid to boost commercial imports and enforce an arms embargo, the world body said on Tuesday,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
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: 0.0632 sec (16 req/sec)