NJ TRANSIT, the third largest transit system in the country, recently submitted an updated financial plan to the Federal Transit Administration (FTA) for the Portal North Bridge Project.
The revisions were based on feedback previously received from the FTA and the U.S. Department of Transportation concerning whether enough funding sources were identified and committed to meet project costs and any potential cost overruns.
NJ TRANSIT has committed $600 million and Amtrak has committed $55 million. The entities have also agreed to provide $182 million for projects in New Jersey.
The financial plan seeks approximately $811 million in federal dollars to complete the project.
“We are confident NJ TRANSIT has made our application even stronger by addressing the issues raised by the federal government,” Kevin Corbett, NJ TRANSIT president and CEO, said. “We look forward to a prompt review that will improve the project rating and move us closer to a Full Funding Grant Agreement and the start of major construction.”
The new Portal North Bridge will replace a 108-year-old bridge with a fixed-span bridge that will allow marine traffic to pass underneath without interrupting rail traffic. It will take five years to complete.
More than 450 trains cross the current bridge daily.