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Port Authority Board Approves 10-Year Capital Plan

NEW YORK CITY-The agency's largest ever such program also got nods from the New York Building Congress and a Lower Manhattan official.

By Rayna Katz | Updated on February 19, 2014

NEW YORK CITY-The Port Authority of New York and New Jersey‘s Board of Directors has approved the agency’s 10-year capital improvement plan. The ambitious $27.6-billion outline of the agency’s intentions for the next decade also got a thumbs up from the New York Building Congress and Alliance for Downtown New York president Jessica Lappin.

Unveiled earlier this month, the Port Authority’s $27.6 billion plan is expected to generate $29 billion in economic activity. Approximately 46% of the plan’s spending is on state-of-good-repair projects. The plan also continues the Port Authority’s ongoing efforts to recover from Superstorm Sandy–including $1 billion of capital investment over 10 years to pay for repair, mitigation and resiliency projects. More than $700 million dollars will be invested in the period making permanent repairs to the PATH system, which was the most severely impacted Port Authority facility.

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