TRENTON- Governor Phil Murphy today hailed a financing agreement reached between NJ TRANSIT and the New Jersey Economic Development Authority (EDA) to provide up to $600 million in funding for the Gateway Program, a critical regional and nationally significant infrastructure project that includes both the Portal Bridge and Hudson Tunnel projects.
“The Gateway Program is the single most vital infrastructure project in the nation,” said Governor Murphy. “It is essential to the economic future and security of not only New Jersey and the Northeast United States, but the entire country. We are committed to driving this project forward. I know that this funding agreement will demonstrate that commitment to the federal government and show that we have skin in the game as we look to complete these projects in a timely and cost-effective way.”
The Portal Bridge and Hudson Tunnel Projects are imperative to the functioning of the Northeast Corridor (NEC), one of the busiest intercity rail and transit corridors in the nation. These two projects are single points of failure on the NEC, and a failure at either would be catastrophic to the region and the country. Governor Murphy is committed to fighting for the success of the Gateway Program on behalf of the 50 million Americans who depend on reliable infrastructure every day.
New Jersey’s financial commitment this week fulfills the full local funding requirement for the Portal Bridge project, which is fully designed and ready to move to execution. Combined with the already substantial contributions outlined for the Hudson Tunnel, New Jersey and the rest of the Gateway partners are working hard to deliver these projects.
The Gateway Program Development Corporation, a New Jersey-based nonprofit, will oversee the development and execution of a comprehensive program to reinvigorate the NEC between Newark and Penn Station New York. The GDC Board of Trustees is comprised of appointees from Amtrak, the State of New Jersey, and the State of New York.