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.
This is original. Can’t raise taxes to pay for the states share, so hit up the tollroads instead.
I wonder what the tollways bond holders think about this cash diversion?
If people want to work at home now and not go into the office as part of the “Great Resignation”, who is going to be using this? (I know the answer, its rhetorical)
I smell a lawsuit coming.
How about 75% for NY & NJ & the remaining 25% the Feds (taxpayers)!
Will this get the project started?