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Cuomo, Murphy Trim Costs on Gateway Tunnel Project
Key stakeholders in the Gateway project to build a new rail tunnel under the Hudson River and rehabilitate the 108-year-old existing ones, said the project would cost $1.4 billion less than originally projected.
They submitted the revised figures in an updated financial plan to the Federal Transit Administration, which has given Gateway “medium-low” priority, making it ineligible for federal funding.
“This new financial plan demonstrates that the states are doing everything possible to facilitate federal funding, including reducing the overall cost of the project and embracing a significantly higher Amtrak contribution—which together lead to a decrease in the amount being requested from the federal government,” said New York Gov. Andrew Cuomo. The federal contribution would be $5.4 billion, rather than the original $6.8 billion.
Cuomo and his New Jersey counterpart, Gov. Phil Murphy, requested the updated plan. If it’s approved by the feds, construction could begin in 2021.
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- ◦Financing
