06/25/2019 | Press release | Distributed by Public on 06/25/2019 15:47
PORT AUTHORITY STAFF SUBMITS REASSESSMENT OF 10-YEAR CAPITAL PLAN TO BOARD OF COMMISSIONERS
Date: Jun 25, 2019
Press Release Number: 106-2019
Recommends new funding for: new AirTrain Newark; PATH Improvement Plan; and electric vehicle infrastructure
Includes additional funding for AirTrain LGA
Adjusts Capital Plan to take account of prior Board action regarding JFK Redevelopment and Newark Terminal One
Includes incremental funding to plan a new Terminal Two at Newark Liberty International
Vast majority of proposed increases - 94% - would be funded with incremental project revenue
Plan approved in 2017 requires review every two years to evaluate all projects, priorities and capital capacity;
Series of six public hearings (three in New York, three in New Jersey) to solicit input on proposed adjustments
The Port Authority today advanced its biennial reassessment of its 2017-2026 Capital Plan. The proposal will be presented to the Board of Commissioners at its June 27th meeting with the recommendation that the Board publish the proposal for public hearings. The major elements of the reassessment are:
The proposed reassessment also evaluated the state of good repair projects in the agency's portfolio to ensure adequate progress, proper prioritization, and sufficient capital capacity. Of the proposed $4.8 billion increase, approximately $4.5 billion, or 94% of the increase, is projected to be funded by additional project-related revenues, including revenue increases from the following: terminal rents; airline cost recoveries; user fees; anticipated receipt of passenger facility charges; Hurricane Sandy recovery; and airport improvement grants associated with certain projects.
The formal reassessment of its ten-year, 2017-2026 Capital Plan is required every two years by prior Board resolution, adopted at the time the Board approved the Capital Plan.
The table below depicts the main adjustments proposed to the 2017-2026 Capital Plan:
($ in millions)
|Increase||2017-2026 Reassessed Capital Plan|
Major Projects (projected to be funded by new project revenue):
New AirTrain Newark
EWR Terminal One Redevelopment
PATH Improvement Plan
Electric Vehicle (EV) Infrastructure
EWR Terminal 2 Redevelopment Planning
|Remaining projects in the 2017-2026 Capital Plan||235||27,015|
|Net Total 2017-2026 Reassessed Capital Plan||$4,800||$37,000|
The Capital Plan reflects the agency's core transportation mission and commitment to rebuilding the region's aging infrastructure with 21st century facilities designed to dramatically enhance customer experience at a time of continuing record passenger growth. In the first two and a half years since the Plan's adoption, demonstrable progress has been achieved including:
'The Port Authority is committed to delivering real-world results as we rebuild the region's infrastructure at unprecedented levels of investment,' said Port Authority Chairman Kevin O'Toole. 'Our customers expect and deserve 21st century facilities and the proposals before the Board allow for the already tangible progress to continue as we raise the bar at our facilities across the region.'
'The Port Authority's legacy facilities have been subpar for decades. Both the original 2017-2026 Capital Plan and the modifications we are recommending today provide for extraordinary and unprecedented levels of investment needed to replace and upgrade our facilities to meet the standards of 21st century infrastructure,' said Port Authority Executive Director Rick Cotton. 'And the agency is starting to deliver. Everyone can see projects moving forward in the real world. Two brand new bridges - the Goethals and Bayonne - have been completed and opened to the public within the last 10 months. Six months ago, LaGuardia opened a brand new 18 gate concourse, and Newark Airport broke ground on a brand new Terminal One. We are committed to rapid progress on all our critical capital projects to deliver transportation infrastructure that the region deserves. This Capital Plan reassessment is part of that commitment.'
Increases to Major Projects
The proposed increases to major projects are all projected to be funded through additional revenues associated with these projects.
Funding New Projects
The reassessment provides funding for the Capital Plan for three key initiatives:
The 2017-2026 Capital Plan and its proposed reassessment is a blueprint for future spending and does not supplant the Board's authorization process for specific projects and contracts, which includes a rigorous review process that includes consideration of the revenue-generating potential and capital capacity impact of a given capital project, the relative priority of the project and the overall capital capacity of the agency.
The Board is committed to thoroughly soliciting public input as it considers these proposed actions. To ensure the public has ample opportunity to share its views, six public hearings at multiple locations in New York and New Jersey during both the morning and evening hours have been scheduled as follows and will be advertised in local newspapers and promoted via social media channels:
|Hearing #1||July 16, 8:00 am||4 WTC||150 Greenwich St, 23rd Floor, New York, NY 10007|
|Hearing #2||July 17, 8:00 am||2 Montgomery||2 Montgomery St, 3rd Floor, Jersey City, NJ 07302|
|Hearing #3||July 18, 7:00 pm||EWR Terminal One Redevelopment Outreach Office||79 West Jersey St, Elizabeth, NJ 07202|
|Hearing #4||July 22, 7:00 pm||College of Staten Island||2800 Victory Blvd, Williamson Theatre, Staten Island, NY 10314|
|Hearing #5||July 29, 7:00 pm||Hilton Hasbrouck Heights||650 Terrace Ave, Hasbrouck Heights, NJ 07604|
|Hearing #6||July 30, 7:00 pm||JFK Building 14||Building 14, 3rd Floor, Jamaica, NY 11430|
Written comments on the proposed actions may be submitted via the Port Authority website through the end of the public comment period on September 13, 2019.
The Port Authority of New York and New Jersey
Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency's network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where the 1,776-foot-tall One World Trade Center is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.