Funding an NYC Bus Terminal and Hudson Tunnel Got a Bit Easier
- Port Authority's new capital plan could free up $7.5 billion
- Moody's analyst estimates $2.5 billion available annually
Port Authority Bus Terminal
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The Port Authority of New York and New Jersey may free up $7.5 billion by extending its capital spending plan by three years, a budget maneuver that could jump-start funding of a new bus terminal or rail tunnel under the Hudson River.
The transportation agency is preparing its 2017-2026 capital program that will supplant the current plan, which ends in 2023 and provides little for the long-stalled projects. With Port Authority spending at the World Trade Center winding down, the agency will be able to spend about $2.5 billion a year on capital projects, Moody’s Investors Service analyst Earl Heffintrayer estimated.