NJ and NY commit to splitting initial Gateway project costs 50-50
TRENTON — Gov. Phil Murphy and New York Gov. Kathy Hochul on Monday signed an agreement to put forth equal shares of the local cost for the first phase of the long-planned Gateway Program.
The memorandum of understanding covers two major Phase One projects, the new Portal North Bridge over the Hackensack River and a new rail tunnel under the Hudson River.
A release from Murphy's office said the local cost for the Portal North Bridge is a combined $772.4 million, making New Jersey's commitment $386.2 million.
Federal funding will account for the remaining 60% of the new PNB cost, according to the release.
Meanwhile, Murphy's office said the total monetary commitment from the Port Authority of New York and New Jersey for Phase One is $2.7 billion.
New Jersey and New York also agreed Monday to a 50-50 split of the rest of the Hudson tunnel project, and will continue to pursue further federal funding.
The Portal North Bridge, which will continue to carry the Northeast Corridor rail line, was cleared to begin construction in April with an estimated completion time of five-and-a-half years, meaning late 2027 at the earliest.
With previous reporting by Michael Symons.