Senate Republican Leader Tom Kean praised an agreement reached by the governors of New York and New Jersey to fully fund the local share of the Gateway Tunnel project pursuant to a 2015 framework agreement with the federal government.
Sen. Tom Kean praised an agreement between New York and New Jersey to fully fund the local share of the Gateway Tunnel project. (SenateNJ.com)
“Today’s announcement is great news for New Jersey commuters and the Tri-State economy,” said Kean. “It’s recognition that new trans-Hudson rail tunnels are long overdue and beneficial in equal measure to both New York and New Jersey.”
Under the 2015 framework, the federal government committed to funding 50 percent of the cost of the Gateway Tunnel project.
Specific sources of funding for the remaining 50 percent, the local share, was left to be worked out by the states.
The $5.55 billion of funding commitments announced by Governor Christie and Governor Cuomo split the cost of the local share roughly in thirds between the State of New York, New Jersey Transit, and the Port Authority of New York and New Jersey.
“We’re going to get the new infrastructure built that we sorely need, and we’re going to save New Jersey’s taxpayers and farepayers billions of dollars over older proposals,” added Kean. “It looks like a fair plan for everyone, which is something you don’t often see.”
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