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New Jersey Gov. Phil Murphy and New York Gov. Kathy Hochul last week signed the Phase One memorandum of understanding (MOU) for the Portal North Bridge (PNB) and Hudson Tunnel projects.
The MOU outlines sources, uses and timing of funding on behalf of New Jersey and New York for the projects' first phase. Both projects are key components in the "Gateway" Northeast Corridor passenger-rail infrastructure program.
The Hudson Tunnel project calls for construction of new rail tunnels under the Hudson River to connect New Jersey and New York City. The PNB project involves replacing the existing 110-year-old two-track railroad swing bridge over the Hackensack River, with a new fixed bridge carrying two new tracks.
Phase One is funded by a combination of federal and local sources. On behalf of the states, the Port Authority of New York and New Jersey’s total commitment for Phase One is $2.7 billion. For the PNB, federal funding sources total 60% of the total cost, leaving the states’ PNB commitment of $772.4 million to be split between New Jersey and New York at $386.2 million per state. For the rest of the Hudson Tunnel project, the states will similarly split the local share 50-50.
The agreement helps pave a path for the project's planners to seek federal funds for the projects.
"The signing of this MOU marks an important step forward in making the nation’s most vital and impactful rail project a reality," said PANYNJ Executive Director Rick Cotton in a press release.