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$32B Port Authority Capital Plan Takes Shape

The Port Authority Bus Terminal on 42nd Street in Manhattan

The Port Authority of New York & New Jersey and the states of New York and New Jersey have a new capital-works plan for earmarking funds for a slew of big projects, including the revamp of the Port Authority Bus Terminal and the massive overhaul of LaGuardia Airport.

The $32B plan has New York forking over $3.5B for the bus station and New Jersey paying the remainder of the estimated $10B cost. Federal money may also come into play, the Wall Street Journal reports.

After months of back-and-forth over which state would pay what share of the cost for rebuilding the terminal, the plan is still subject to a possible veto by either state’s governor, even if it makes it past the Port Authority’s board and a public review process.

Gov. Andrew Cuomo also snagged $2.9B through the funding plan for the LaGuardia rebuild, as well as $2.7B for work on JFK Airport. $2.7B will go toward work on the Amtrak Gateway project, which will create a new rail tunnel under the Hudson River. [WSJ]