Port Authority Approves $32B Capital Plan
- Jan 11, 2017
New York—The Port Authority has announced its approval of a 10-year, $32 billion capital plan to improve the Tri-State area’s infrastructure. The proposed plan will go through a public comment period before the board votes on officially approving the plan in February. Among the approved plans are a lease through 2050 for the redevelopment of the Delta terminals at LaGuardia Airport, which will transform them into a $4 billion, state-of-the-art complex.
The Port Authority will provide $600 million in funds for the project, with an additional $3.6 billion funded privately by Delta and its partners.
“The Port Authority has put forth a $32 billion 10-year capital plan that is fair to New Yorkers and will allow the Empire State to move forward on one of the most ambitious infrastructure plans in the nation,” New York Governor Andrew Cuomo said in a prepared release. “From the beginning, our position has been that financial parity is essential—and today, that goal has been realized.”
The Port Authority’s $600 million commitment includes $200 million towards the new Delta facilities, including the construction of new concourses and ramps; $185 million for a new electrical substation to support the power requirements of the new building, plus an expansion of the East Garage and temporary parking during construction; and $215 million for new roadway and additional supporting infrastructure that is typically the responsibility of the Port Authority in new terminal developments.
Construction at LaGuardia began in June and the completed Delta gates at LaGuardia are expected to open in 2018, following additional regulatory approvals.
“Delta is committed to continuous investment in airport infrastructure in New York and around the world, and today’s lease approval brings LaGuardia closer to being the exceptional airport our New York customers deserve,” Ed Bastian, Delta’s CEO, said in a prepared statement. “We are proud to be a part of the effort to rebuild one of the world’s busiest and best-known airports, and we look forward to working with the Port Authority and our partners to realize Governor Cuomo’s vision for a 21st-century facility.”
The plan also includes more than $5.4 billion of Port Authority capital funds earmarked for the transformative redevelopments of JFK and LaGuardia Airports, and an AirTrain providing rail access to LaGuardia.
“This successful resolution was a direct result of all parties working together to fund important projects on both sides of the Hudson,” Governor Cuomo said. “In addition, the capital plan provides further support for the Moynihan Train Hall, and New York will be committing approximately one-third of the funding for a new bus terminal on the West Side of Manhattan, an investment proportional to our ridership, following a full environmental review.”