NJ TRANSIT Approves Financing Agreement for New Portal Bridge


19 Jun 2018 

NJ TRANSIT APPROVES FINANCING AGREEMENT FOR NEW PORTAL BRIDGE

$600 Million Financing With New Jersey Economic Development Authority Solidifies Local Funding Commitment

NEWARK, NJ — The NJ TRANSIT Board of Directors today approved a financing agreement with the New Jersey Economic Development Authority (EDA) which provides up to $600 million toward the construction of a new Portal Bridge. The commitment solidifies New Jersey’s local share of the project cost.

“We’re not going to kick the can down the road any longer,” said Department of Transportation Commissioner and NJ TRANSIT Board Chair Diane Gutierrez-Scaccetti.  “The time is long overdue for a new Portal Bridge, which is the foundation of many commuter frustrations. The taxpayers of New Jersey deserve a transportation system which will drive the economy and reliably get them to jobs, schools, and recreation.”

“This funding is proof that Governor Murphy, NJ TRANSIT and the State of New Jersey are firmly committed to advancing this vital transportation infrastructure project,” said NJ TRANSIT Executive Director Kevin Corbett. “A better tomorrow for NJ TRANSIT starts today. Our customers have suffered far too long from the outdated, unreliable Portal Bridge. A new bridge can’t wait any longer.”

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http://www.njtransit.com/tm/tm_servlet.srv?hdnPageAction=PressReleaseTo&PRESS_RELEASE_ID=3215