An NJ Transit train pulls into New York Penn Station. 7/7/17 New York N.Y
16 December, 2017, 07:45
The state of New York has agreed to provide US$1.75bn and NJ Transit is to provide US$1.9bn; the Port Authority of New York & New Jersey had already committed US$1.9bn giving a combined total of US$5.55bn.
Together, the three funding commitments will cover 100 percent of the local share for the most urgent, time sensitive elements of the project: the construction of a new tunnel and the Hudson Yards concrete casing, which total $11.1 billion of the $12.7 billion construction cost.
Christie, citing potential cost overruns, previously canceled a $8.7 billion tunnel project in 2010.
Both Cuomo and Sifuentes called on the federal government to make good on its 2015 Obama-era agreement to fund 50 percent of the project, which Sifuentes called "the most important infrastructure project in the Northeastern United States", adding that "if we don't rebuild the Hudson tunnels, we run the risk that transportation - and the economy - in the Northeast will grind to a halt".
"It positions the project to immediately compete for federal Capital Investment Grant funds", said Christie.
Govs. Andrew Cuomo and Chris Christie on Thursday committed to pay for about half of a vital new train tunnel under the Hudson River, putting pressure on the Trump administration to fund the rest.
Gov. Cuomo revealed Thursday how NY intends to pay its share of a mammoth project to build a rail tunnel under the Hudson River. "Together, with the rehabilitation of the existing tunnel, this project will result in the crucial Northeast Corridor having four tracks between New Jersey and NY under the Hudson River, allowing for increased ridership in the future". Starting in 2020, riders will pay 90 cents each trip, which will increase to $1.70 in 2028 and to $2.20 in 2038, the New York Post reported.
"It's time for the president to commit to fully fund the vital Gateway tunnel project because it is so important to our regional and national economy", said Schumer, from NY.
NY said it would propose an appropriation in its annual executive budget for 35 years to pay debt service on a $1.75 billion fixed-interest loan to the Gateway Program Development Corporation (GDC), according to a December 13 letter from the state to the GDC and the U.S. Department of Transportation.
Amtrak says the existing tunnel could fail in 10 to 15 years due to damage from Superstorm Sandy.
Were that to happen, the number of rush-hour trains would plummet from 24 per hour to six if one of the tunnel's two tubes had to be closed for repairs.
If one tube in the existing two-tube Hudson River tunnel fails before the project is completed, train service between New Jersey and NY would be reduced by 75 percent, according to Amtrak.
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