The Port Authority of New York and New Jersey expects to start construction of a $1.5 billion cable-stayed bridge connecting Elizabeth, N.J. and Staten Island, N.Y., by year-end now that a public-private partnership financing package has been agreed.
The Goethals Bridge
replacement will be the first new bridge structure built by the Port Authority in the last 80 years and it’s the largest public private partnership in the region.
In addition to a $461 million bond issue to be sold by the Economic Development Authority on behalf of the project’s private developers, NYNJ Link Partnership, and a $474 million loan, the developers will make equity contributions
to build the bridge. In return, the developers will receive payments from tolls over 30 years. The amount of those payments will depend on the on-time, on-budget performance of contractors building the bridge. Completion is expected by 2017.
Yet another example of state and federal resources, local transit agencies and the private sector all coming together to make vital infrastructure modernization happen.