The Port Authority is poised to take a lead role in the multiagency effort to build a new rail tunnel from New Jersey into Manhattan and refurbish the decaying 105-year-old tunnel badly damaged in superstorm Sandy.
The board of the Port Authority took the first step last week by agreeing to create a development corporation that would include representation from the Port, Amtrak, New Jersey Transit and the U.S. Department of Transportation. Creation of the corporation is expected to help expedite the so-called Gateway Tunnel Project, an effort that could take 10 years and cost about $14 billion, officials said. The federal government has said it will pay for half of the project, but how it will be financed by local governments hasn’t been determined.
http://www.newsday.com/news/new-york/port-authority-poised-to-lead-14b-gateway-tunnel-project-1.11240390