NJ, NY TRY TO GET HUDSON RAIL TUNNEL GOING BY BOOSTING KEY AGENCY’S ROLE

Lawmakers in both states hope new legislation would enable Gateway Development Corporation to receive government grants, loans to finance rail tunnel

A new push is underway in both the New Jersey and New York legislatures to expand the role of a key agency that is helping coordinate efforts to build the proposed Gateway rail tunnel under the Hudson River.

A measure that lawmakers in both states are hoping to pass before the end of the month calls for a major revamping of the Gateway Development Corporation, which right now is a small agency staffed with representatives from New Jersey, New York and the federal government.

Perhaps most importantly, the legislation would give the GDC the official authority to receive government grants and loan proceeds that are critical to the broader financing for the tunnel and other planned regional infrastructure improvements. The latest version of the GDC bill would also expand the agency’s governing board and codify the terms of a financing agreement between the two states. New transparency and oversight rules would also be established as the agency carries out the multibillion-dollar infrastructure work.

 

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