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Rail News: Federal Legislation & Regulation
Port Newark taps federal center's expertise for expansion project
U.S. Transportation Secretary Anthony Foxx last week met with Port Newark Container President and Chief Executive Officer Jim Pelliccio to highlight the new Build America Transportation Investment Center's (BATIC) role in helping the port explore financing options for its $230 million infrastructure modernization project.
The Newark port terminal currently handles more than 20 percent of the entire Port Authority of New York and New Jersey's container volume.
BATIC assisted port terminal officials in understanding eligibility for financing options under the U.S. Department of Transportation, such as eligibility for the Transportation Infrastructure Finance and Innovation Act (TIFIA) program. TIFIA provides federal credit assistance in the form of direct loans, loan guarantees and standby lines of credit.
"BATIC will leverage the true potential that exists when public and private sectors combine resources and work together on key infrastructure initiatives," Pelliccio said in a press release.
Formed a year ago, BATIC is a one-stop shop for states, municipalities and project sponsors interested in seeking federal guidance on applying for federal transportation credit programs and exploring ways to access private capital in public-private partnerships.
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