New York, New Jersey Edge Closer to Path for Financing Hudson River Tunnel

By Donald Moore, Bloomberg; June 21, 2019

The legislatures of New York and New Jersey have approved the formation of a bi-state commission to handle the finances for a new commuter-rail tunnel under the Hudson River, taking another step to overcome a barrier to funding for the project.

Lawmakers in both states passed an identical bill, titled the Gateway Development Commission Act, that would create an entity to take over oversight of the roughly $13 billion proposed tunnel. The Gateway Development Corp., a non-profit that was an early overseer of the project, lacks the authority to accept federal construction grants.

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