The NJ Transit Board of Directors approved a financing agreement with the New Jersey Economic Development Authority (EDA) which provides up to $600 million toward the construction of a new Portal Bridge. The commitment solidifies New Jersey’s local share of the project cost.
“We’re not going to kick the can down the road any longer,” said Department of Transportation Commissioner and NJ Transit Board Chair Dianne Gutierrez-Scaccetti. “The time is long overdue for a new Portal Bridge, which is the foundation of many commuter frustrations. The taxpayers of New Jersey deserve a transportation system which will drive the economy and reliably get them to jobs, schools, and recreation.”
“This funding is proof that Governor Murphy, NJ Transit and the State of New Jersey are firmly committed to advancing this vital transportation infrastructure project,” said NJ Transit Executive Director Kevin Corbett. “A better tomorrow for NJ Transit starts today. Our customers have suffered far too long from the outdated, unreliable Portal Bridge. A new bridge can’t wait any longer.”
The resolution approved by the NJ Transit Board of Directors authorizes the Executive Director in consultation with the Board Chair to execute and deliver the funding agreement with the NJEDA. The EDA will issue up to $600 million in bonds which will be paid back over a 30-year term from the state Transportation Trust Fund (TTF). This same funding structure was utilized in 1999 for the construction of the River LINE light rail system.
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