Dive Brief:
- The Port Authority of New York and New Jersey approved a $32.2 billion capital plan Thursday that will fund projects in both states for the next 10 years, according to Reuters.
- Authority officials predict the approved program will result in a $56 billion economic boon for the area and create $20 billion in wages.
- The capital plan includes $11 billion for the redevelopment of John F. Kennedy, LaGuardia and Newark Liberty airports, as well as $2 billion for work on the George Washington Bridge and $3.5 billion for planning and construction of a new Port Authority Bus Terminal, according to ABC 7 NY.
Dive Insight:
Clashes often emerge when the authority tries to determine whether projects benefit New York or New Jersey the most — or serve both equally — as this is how it divides up funding. The capital plan's approval process was delayed back in December when Port Authority officials said they needed more time to consider the projects involved with the plan.
In June, construction began on LaGuardia's new $4 billion terminal. The project is supposedly the largest public-private partnership in the country, and general contractor Skanska USA, which leads the P3 team of LaGuardia Gateway Partners, said it is the company's largest project ever. In March, Port Authority officials announced that costs had risen to $5.3 billion when including previously unaccounted development costs. This came on the heels of a February announcement that cost increases had boosted the project's price tag from $3.6 billion to $4.2 billion.
