Gateway Development Commission press release of July 8, below. I have taken out the "he said this, she said this" of politicians. There were too much "said this, said this, said this.". I have kept the ones by the people directly involved in the project though. If you would like to read the original release anyway, you can always click the link at the bottom and read it on GDC site.

Thanks.

FOR IMMEDIATE RELEASE
July 8, 2024
Contacts:
Gateway Development Commission Secures Full Funding For Hudson Tunnel Project
Historic $12 Billion Federal Funding Commitment Includes Largest Ever CIG Grant, Along with Largest Aggregate RRIF Loan

Newark/New York – The Gateway Development Commission (GDC) today signed a Full Funding Grant Agreement (FFGA) with the Federal Transit Administration (FTA) for $6.88 billion in federal funding for the Hudson Tunnel Project (HTP) and closed on Railroad Rehabilitation and Improvement Financing (RRIF) loans from the Build America Bureau totaling $4.06 billion to fund the local share of the project.
With these actions, GDC has secured the entire $16 billion commitment needed to complete the HTP. This includes $12 billion in federal funding – the largest federal funding commitment to a rail transportation project in modern history.

“Today the Biden-Harris Administration and USDOT are fulfilling their promise to the riders of New York,
New Jersey, and the entire Northeast Corridor by providing $11.7 billion in federal funding for the
Gateway Project and over $4 billion in federal loans,” said USDOT Deputy Secretary Trottenberg. “Today
is a momentous occasion in a years-long collaboration to build a new Hudson River Crossing, bringing
together USDOT, Congress, two states, Amtrak, the Port Authority, local officials, labor partners, and
more. Together, we are investing in a project that will move Americans forward and contribute to the
economic growth of our nation.”

“It is important to realize that as we improve New Jersey Transit and Amtrak service in and out of
Manhattan, we will improve train and transit service for a region that impacts more than 20 percent of
the nation’s economy,” said FTA Acting Administrator Veronica Vanterpool. “FTA is proud to invest in the
Hudson Tunnel Project so these rails can continue to carry millions of people who keep the American
economy humming.”

“New York City is the economic and cultural hub of the nation. The Hudson Tunnel Project is critical to
provide modern rail transit for the millions of people who travel to and from the City every day and to
ensure the New York metro region continues to thrive,” said Alicia Glen, New York GDC Commissioner
and Co-Chair. “Securing the funding needed to complete the HTP is a massive win for New Yorkers and
all Americans. Construction alone will create tens of thousands of jobs, and the long-term economic
growth this project unlocks will benefit the entire country.”

“Every day, hundreds of thousands of commuters travel between New Jersey and New York. The Hudson
Tunnel Project will ensure these commuters have the reliable rail service they deserve, setting the stage
for long-term economic growth on both sides of the Hudson.” said Balpreet Grewal-Virk, New Jersey
GDC Commissioner and Co-Chair. “Finalizing the FFGA and the RRIF loans for this project is a key
milestone that enables us to confidently say there is a light at the end of the tunnel for commuters
struggling with unpredictable service.”

“The new Hudson River Tunnel will supercharge the rail connections across our region and to the nation,
improving and expanding rail service in ways we’ve only been able to dream about in the past,” said
Amtrak Board Chair and GDC Vice Chair Tony Coscia. “We celebrate this milestone today because of the
many leaders and partners that came together for a better future. Thank you, President Biden, Secretary
Buttigieg, Sen. Schumer, and supporters in Congress, including the New York and New Jersey delegations,
and our partners at the GDC and New York and New Jersey, including NJ TRANSIT and the Port
Authority.”

“The Hudson Tunnel Project is a key portion of the transportation network along the Northeast Corridor
that supports not only the region’s but the nation’s economy,” said Port Authority Executive Director
Rick Cotton. “The Port Authority is pleased to have provided an important element of the local funding
share that has resulted in the full funding of the project achieved today.”
“Gateway is a project that has enormous consequences for the millions of riders who will benefit from it,
and it will be a significant driver of economic growth for the entire New Jersey – New York region,” said
Port Authority Chairman Kevin O’Toole. “The Port Authority is committed to continue working with our
federal and local partners, including through our funding support announced today, in making the
nation’s most vital and impactful rail project a reality.”

“Today marks the culmination of securing funding for a project that stands as the most consequential
undertaking of our generation and for the next hundred years in this region. The commitment from all
levels of government – local, state, and federal – underscores the profound understanding of this
project's significance,” said NJ TRANSIT President & CEO Kevin S. Corbett. “As a primary user of the
current tunnels, no one knows better than NJ TRANSIT and our riders about the desperate need for the
new tunnels.”

“After years of planning and persistence, the Hudson Tunnel Project’s days of uncertainty are finally
behind us. For twenty-three months, we worked tirelessly to complete the funding puzzle for this vital
project. Today we have secured the funding needed to see this project through,” said Kris Kolluri, GDC
Chief Executive Officer. “I am proud that we navigated the complex FFGA process without missing a
single deadline and thankful for our partners in the Biden Administration, Majority Leader Schumer,
Governor Hochul and Governor Murphy, our Congressional delegations, and our many other supporters
in Washington, New Jersey, and New York whose dedication to this critical project enabled us to reach
this milestone. We look forward to continuing to work together through the construction process.”
The HTP will eliminate one of the biggest risks of failure on the Northeast Corridor by building two
additional tracks and rehabilitating the existing North River Tunnel, resulting in four modern tracks
between New York and New Jersey. The new tunnel will be in service by 2035 and the full rehabilitation
of the existing tunnel will be complete by 2038.

The total $16 billion cost of the HTP will be split 70/30 between the federal government and the
project’s local partners: New York, New Jersey, and the Port Authority of New York and New Jersey
(PANYNJ). This arrangement saves the local partners multiple billions of dollars compared to the original
plan to split the project costs 50/50.

The FFGA signed today represents a commitment from FTA to provide $6.88 billion for the HTP through
the New Starts Capital Investment Grant (CIG) Program. This is the largest grant in the history of the CIG
Program and the largest single funding source for the HTP. The federal government has also committed
$3.8 billion to the project through USDOT’s Federal-State Partnership for Intercity Passenger Rail (FSP)
Program, $292 million from the Bipartisan Infrastructure Law’s Mega grant program, and $25 million
through the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) Program. Amtrak
is contributing an additional $1 billion.

The low-interest RRIF loans that GDC closed on today will fund the local share of the project. These three
loans, totaling $4.06 billion, represent the largest aggregate loan the USDOT has provided through the
RRIF program.

Construction of the HTP started on both sides of the Hudson River in November 2023 and is expected to
create 95,000 jobs and generate $19.6 billion in economic activity.

In New Jersey, the Tonnelle Avenue Bridge and Utility Relocation Project is building a new roadway
bridge to allow for a connection to the new tunnel portal and an access point for Tunnel Boring
Machines. In Manhattan, work is underway on the Hudson Yards Concrete Casing Section 3 (HYCC-3)
Project that will preserve a rail right-of-way to link the new Hudson Tunnel to New York Penn Station.
The actions taken today also enable GDC to move forward with heavy construction and tunnel boring
activity. Heavy construction will begin in the coming weeks with the Hudson River Ground Stabilization
(HRGS) Project, which will stabilize the riverbed on the Manhattan side of the Hudson River to enable the
Tunnel Boring Machines to excavate the new tunnel.

By the end of 2024, GDC will have awarded contracts for more than $5 billion in construction activity,
including contracts to build sections of the tunnel passing through the Palisades in New Jersey and going
through the Manhattan bulkhead under Hudson River Park, and will have ordered the first Tunnel Boring
Machine.

https://www.gatewayprogram.org/wp-content/uploads/2024/07/GDC-FFGA-Signing-Press-Release-7.8.24_PROOFEDfin-1.pdf