$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

India's Highest non-coking coal discharge at Gangavaram Port

Gangavaram Port, the deepest and the most modern port in the country, has created yet another historical milestone record by discharging 1,56,339 metric tons of Non-Coking Coal from the vessel M.

Holland America Line Kicks off Seattle's Record Cruise Season

The Port of Seattle begins the 2016 cruise season welcoming the first ship call, Holland America Cruise Line’s Nieuw Amsterdam. Larger vessels and more cruises

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.0620 sec (16 req/sec)