Governors. Phil Murphy of New Jersey and Kathy Hochul of New York signed an agreement on Tuesday that irons out a 50-50 split of the states' cost for the more than $14 billion Gateway project to construct a new train tunnel under the Hudson River and replace the Portal Bridge.
The governors signed a memorandum of understanding that will kick-start phase one of the pricey but emergent infrastructure project intended to assuage long commutes to and from New York's Penn Station that have suffered constant bottlenecks ever since Superstorm Sandy ravaged one of the Hudson River's rail lines, forcing NJ Transit and Amtrak often to share a single tunnel with only one track in each direction.
“Today marks a pivotal milestone toward the completion of the most significant transportation project not just in New Jersey, but in the entire United States,” Murphy said. “As we proceed with construction of a new tunnel under the Hudson River, we advance one step closer toward a New Jersey that is better connected and better positioned to reap the full economic benefits of our status as a regional crossroads."
A spokesperson for the Gateway Development Commission, said construction on the new Portal Bridge, which shepherds trains over the Hackensack River between Kearny and Secaucus, will begin imminently, and work on the Hudson River tunnels is slated to start in 2023.
The Federal Transit Administration will offset 60% of the new Portal North Bridge cost with grants. The remaining $772.4 million will be split evenly between the two states, with New York and New Jersey ponying up $386.2 million each, according to a statement from Murphy's office.