THE Tunnel Property Acquisition Funded $75 Million

Sept. 28, 2010

The Port Authority of New York and New Jersey authorized October 19 up to $75 million available for property acquisition as part of the Port Authority's overall commitment to the THE Tunnel project. THE is the second allocation from the up to $2 billion the Port Authority has committed to the project. The Port Authority allocated $10 million in July for preliminary planning and engineering activities. The THE Tunnel will be an additional passenger rail tunnel connecting New York City to New Jersey and to Rockland and Orange counties in New York. The project includes the expansion of New York's Penn Station beneath 34th Street in Manhattan. The bi-state agency's 10-year strategic plan, adopted in December 2005, recognized THE Tunnel as crucial to regional prosperity.