NYS and NJ Finalize First Phase Gateway Funding for Cross-Hudson Tunnels
Governors Hochul and Murphy of New York State and New Jersey announced on July 5, 2022, that the first phase of state funding has been finalized for the construction of the new tunnels under the Hudson River. The Memorandum of Understanding (MOU) required by the Gateway Development Commission Act was signed by both Governors, outlining sources, uses, and timing of funding on behalf of both states for Phase One Gateway Project: Portal North Bridge and the Hudson Tunnel Project. According to the press release by Governor Hochul’s office, on behalf of the two states, the Port Authority of New York and New Jersey Phase One commitment is $2.7 billion, with the cost to be split 50-50 between New York and New Jersey. The MOU signing marks a critical step forward towards bringing closer to the finish line the much-needed construction of a pair of new subterranean tunnels that will replace the century-old Hudson River tubes that flooded during Hurricane Sandy in 2012.