Comment on New York, New Jersey reach funding pact for new rail tunnel

New York, New Jersey reach funding pact for new rail tunnel

NEWARK, N.J. (AP) — New York and New Jersey announced Thursday how they will pay for their share of an estimated $13 billion project to build a new rail tunnel under the Hudson River and other improvements, with New Jersey's governor outlining a plan that calls for progressively steeper fare hikes for train riders in his state over the next 20 years. Combined with money already committed by the Port Authority of New York and New Jersey, the plans set up a framework for local funding of one-half of the cost of the tunnel and associated construction west of Penn Station in Manhattan. The federal government was to pay for the other half under an agreement negotiated under former President Barack Obama, but President Donald Trump hasn't said whether he will honor that commitment. New Jersey plans to raise $1.9 billion by hiking rail fares by about 90 cents per cross-Hudson trip for New Jersey Transit train riders starting in 2020, with increases of $1.70 and $2.20 planned for 2028 and 2038, respectively. NJ Transit, the nation's third-largest provider of bus, rail and light rail, carries roughly 100,000 rail commuters per day from New Jersey to New York either directly or via connections to other carriers.Read more on NewsOK.com

 

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