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Vol. 10, No. 9 December 17, 2015

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Here is the latest news from The Port Authority of New York and New Jersey.  We hope you enjoy our periodic newsletters and will visit our website for updates and information on a variety of Port Authority topics including the Goethals Bridge Replacement Project , the Bayonne Bridge Navigational Clearance Project , the Port Authority 2016 Budget , how to sign up for Alerts, and more.

Port Authority Board Adopts 2016 Operating
 
and Capital Budgets

The Board of
Commissioners at its meeting on December 10 approved a fiscally responsible $3.0 billion Operating Budget and a $3.5 billion Capital Budget that includes funds to enhance public safety with two new police classes, initiatives to enhance the agency's competitiveness and plan for the future.  Targeted investments in major capital projects include the Bayonne and Goethals bridges, the Port Authority Bus Terminal, LaGuardia Airport, PATH signal system and port rail infrastructure. 

Board Advances Efforts to Build Critical Trans-Hudson Passenger Rail Tunnel Project
The Board of Commissioners at its December 10 meeting agreed to partner with the federal government in the development of the vital Gateway Tunnel Project.  The Port Authority plans to create a development corporation to oversee construction of the massive passenger rail project and meet the future needs of hundreds of thousands of riders.
  
The agency's Board accepted the challenge from Governors Chris Christie and Andrew Cuomo and U.S. Senators Chuck Schumer (D-NY) and Cory Booker (D-NJ) to help oversee construction of a new trans-Hudson rail link to improve passenger rail service between New Jersey and New York, as well as along the Northeast Corridor.

Learn more. 
Port Authority Capitalizes on Real Estate Value from WTC Site to Fund the Region's Transportation
Rendering of Tower 2, third from left (center). 
Network

The Port Authority of NY and NJ took a major step forward in realizing untapped value from its real estate holdings at the World Trade Center, authorizing certain modifications to its net lease agreement for the Tower 2 site at the World Trade Center, which will accelerate the creation of at least $500 million in new capital for future transportation projects in the region. 
 
Nearly a year ago, the Special Panel on the Future of the Port Authority, a panel convened by New York Governor Andrew Cuomo and New Jersey Governor Chris Christie, recommended that the Port Authority divest and monetize its commercial real estate holdings at the World Trade Center and to return to its core mission of transportation. Tower 2 is the last of the major skyscrapers under the World Trade Center east side master development plan. One World Trade Center and Tower 4 opened in 2013, and Tower 3 is scheduled to be completed in 2018. In addition, the Port Authority expects to open the World Trade Center Transportation Hub Oculus next year.

Learn more.
WTC  'Master Builder' Named to Port Authority
Post as Chief of Major Capital Projects 
Steven Plate


Steven Plate, a 30-year agency veteran who has guided the Port Authority's construction projects at the World Trade Center site for the past decade, has been appointed to the new position of Chief, Major Capital Projects, for the Authority.

In this post, Mr. Plate, in addition to his continuing responsibilities at the World Trade Center Site, will oversee several of the major infrastructure projects, either under way or planned, that the Port Authority is managing.  Among these are the Port Authority Bus Terminal replacement, the PATH-to-Newark Liberty International Airport extension, the Bayonne Bridge "Raise the Roadway" navigational clearance project, and the emerging Gateway Tunnel project .

News Briefs
Port Authority Authorizes Lease for Upscale Food Court at Midtown Bus Terminal

Port Authority Bus Terminal
Building on its initiatives to improve the commuter experience at the Port Authority Bus Terminal and to capitalize on its existing real estate, the Port Authority Board of Directors at its December 10 meeting authorized a lease for the creation of an upscale food court at the bus terminal.

Learn more.

Economic Insights from the Port Authority


Podcasts of recent and archived economic insights from the Port Authority's Chief Economist, including the latest, "Performance and the Port of NY and NJ" can be heard on our website.

Did You Know?


You can find Frequently Asked Questions for all Port Authority facilities by visiting our website. 

Public Meetings
Visit our website to view minutes and actions from previous Board of Commissioners meetings and to view schedules for future meetings.

Webcasts from the December 10 Board and committee meetings are also available online.
The Port Authority of NY & NJ
[email protected]