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Bayonne Bridge, WTC Barter a Done Deal

BAYONNE, NJ-The Port Authority of New York and New Jersey's Board of Commissioners struck a deal Thursday to fund each other's projects.

By Ryan Clark | Updated on August 26, 2010

BAYONNE, NJ-It’s not just New Jersey and you, but also New York, that’s “Perfect Together.” The Port Authority of New York and New Jersey gathered their Board of Commissioners on Thursday, appointed by the governors of each state, to work out a mutually beneficial deal involving the World Trade Center site and the Bayonne Bridge. At its core, the PANJ has agreed to help build Silverstein Properties Inc.’s proposed office buildings on the WTC site, at a cost of roughly $1 billion, through public financing and subsidies. Published reports say this bargain was agreed upon providing the PANY assist in the financing for the $1 billion revamp that the Bayonne Bridge desperately needs.

New Jersey in exchange for its help in providing financing and subsidies to complete the towers on the eastern side of the site will receive help for its $1 billion project of raising or rebuilding the Bayonne Bridge. This is a point of economic viability for the Garden State, as it risks having inadequate access to Newark Bay’s port, should the bridge remain at its current height above Arthur Kill. The Port Authority did not return GlobeSt inquiries by deadline.

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