TRENTON, N.J. — The New Jersey Turnpike Authority has agreed to help fund New Jersey’s share of the Gateway Tunnel project, which will build two new bores to connect New Jersey to New York’s Penn Station, then rehabilitate the two existing tunnels under the Hudson River.
NJ.com reports the Turnpike Authority will provide the money for the state’s annual $124 million loan payment for its share of the $16 billion tunnel project. New Jersey and New York will each pay for 25% of the project, with federal grants expected to pay for the other 50%.
The Turnpike Authority will also contribute $1.66 million annual for the budget of the Gateway Development Commission, the organization overseeing the tunnel project.
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