New York Gov. Kathy Hochul and N.J. Gov. Phil Murphy joined Rick Cotton, executive director of the New York and New Jersey Port Authority, in signing a Memorandum of Understanding Tuesday for Phase One of the Gateway Projects, advancing the project to its next phase.
The MOU outlines sources, uses and timing of funding on behalf of the two states for Phase One Gateway Projects: Portal North Bridge and the Hudson Tunnel Project. The Gateway Project now moves on to its next phase: detailing the parties’ responsibilities for delivery of the Hudson Tunnel Project and moving forward with the federal project review.
“The Gateway Hudson Tunnel Project is vital to the Northeast corridor, and today’s announcement is a critical step forward in turning this vision into reality,” Hochul said. “By signing the Phase One Memorandum of Understanding, we are establishing the framework to get this project over the finish line and are making good on our promise to modernize the state’s transportation infrastructure and create a mass transit system worthy of New Yorkers.”
Phase One is funded using a combination of both federal and local sources. The Port Authority’s commitment for Phase One is $2.7 billion. For Portal North Bridge, the states will pay $772.4 million, split evenly by the two states. Federal funding sources will cover the rest, approximately 60 percent of the total cost. Similarly, the states will split the local share of the Hudson Tunnel Project, while working with partners and the federal government to pursue more federal sources of funding through the Infrastructure Investment and Jobs Act.
“Today marks a pivotal milestone toward the completion of the most significant transportation project not just in New Jersey, but in the entire United States,” Murphy said. “The Gateway Project reflects the importance of New Jersey’s regional partnerships and its alignment with the Biden administration’s infrastructure and transportation priorities. As we proceed with construction of a new tunnel under the Hudson River, we advance one step closer toward a New Jersey that is better connected and better positioned to reap the full economic benefits of our status as a regional crossroads.”