The agreement announced by the governors and senators of New York and New Jersey marks a key milestone in the effort to build the Gateway Tunnel crossing the Hudson River.
The framework agreement includes a federal funding commitment secured from the US Department of Transportation (USDOT) and Amtrak to cover no less than 50% of the project costs via grants and other means.
The Gateway Development Corporation has been set up to maximise federal grant opportunities in conjunction with USDOT and pursue other measures that will allow project partners to access capital as inexpensively as possible. The initial goals of the Development Corporation include coming up with a financing plan for the project based on a 50/50 cost share between the federal government, including Amtrak, and the state and local governments, including the Port Authority.
The Corporation will commission, fund and supervise planning, the environmental impact process and design as well as engineering and construction work. The parties have agreed to work together to expedite all environmental and planning approvals needed to bring the project online as soon as possible.
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