"The region's economy relies heavily on our ability to keep commerce and people moving quickly and efficiently," says Port Authority chairman Anthony R. Coscia. "Thoughtful planning today will lead to improvements tomorrow, enabling us to be prepared to meet projected passenger growth in the future."

The airport currently serves approximately 32 million passengers a year and projections that the number will grow to more than 45 million by the year 2021 led authority officials to launch the project. Terminal A is also expected to get an upgrade at some point in the future. Both A and B have about half the capacity of the newer, more modern Terminal C.

The money will go for additional ticketing areas, an expansion of passenger-screening points and construction of a new domestic baggage-claim facility. A third level will be added below ground, carved out of what was once a parking level, to provide more concourse space at the facility. Port Authority officials say they expect to begin the planning and design phase of the five-year project early next year.