"The Port Authority has put forth a $32 billion 10-year capital plan that is fair to New Yorkers and will allow the Empire State to move forward on one of the most ambitious infrastructure plans in the nation. From the beginning, our position has been that financial parity is essential - and today, that goal has been realized.
"This successful resolution was a direct result of all parties working together to fund important projects on both sides of the Hudson. The plan contains more than $5.4 billion of Port Authority capital funds for the transformative redevelopments of JFK and LaGuardia Airports, and an AirTrain providing rail access to LaGuardia - public money that will drive more than $12 billion in private investment.
"In addition, the capital plan provides further support for the Moynihan Train Hall, and New York will be committing approximately one-third of the funding for a new bus terminal on the West Side of Manhattan, an investment proportional to our ridership, following a full environmental review.
"This agreement demonstrates we are unafraid to take on the challenges once deemed impossible, and ensures that New York will continue to move forward with a bold plan to rebuild our infrastructure today, and reimagine our transportation network for tomorrow."
The 2017-2026 Port Authority Capital Plan includes:
- $9.8 billion for New York projects
- $9.8 billion for New Jersey projects
- $12 billion for interstate projects
New York projects supported by the Capital Plan include:
- LaGuardia Airport Redevelopment - $2.9 billion in Port Authority Capital Funding. The LaGuardia investment is driving $5.1 billion in private funding.
- JFK Airport Redevelopment/LaGuardia AirTrain - $2.5 billion in Port Authority Capital Funding. The JFK investment will drive an estimated $7 billion in private funding.
The two states also agreed to a commitment to pay the debt service on a $2.7 billion long-term, low-interest, federal loan for the Gateway Tunnel Project, one of the most important transportation projects in the country.