$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.