Thank you to the GDC for welcoming public comments today and releasing such a comprehensive analysis of the cost/schedule projections for the Hudson Tunnel project. On the eve of the Tenth anniversary of Superstorm Sandy, which irrevocably damaged the existing North River Tunnel, it’s encouraging that the project is advancing toward a full funding grant agreement with the US Department of Transportation. An updated analysis was a necessary step in this process, and it was great to see such strong continued support from all the project and political partners. With these updated projections in hand, we can move forward on the process of securing the FFGA.

Despite these increased cost estimates, which are due to pandemic-related inflation and more conservative projections on financing charges, it’s especially promising that there may be a way to prevent an increased financial burden on New York and New Jersey, and have the federal government make up the difference with funds made available through the 2021 Infrastructure Law.

It is crucial that we reach the full funding grant agreement while we have universal political support for the project. As we’ve seen in the past, losing any major partners could derail the project for years or decades – something the region, and frankly, the nation, can’t afford.

We have great political support for the project and we also have strong backing from both New York and New Jersey to get the Gateway Program done. New York and New Jersey are interdependent and economically linked. Hundreds of thousands of New Jersians commute to work in New York daily. In fact, New Jersey residents accounted for 8% of the total New York state income tax liability generated by all filers in 2018. We can not let distractions from other ongoing negotiations between New York, New Jersey and the Federal Government stop our progress on Gateway.

This new analysis reminds us that time is of the essence; projects of this magnitude only become more expensive and complicated the longer we wait. Thank you again to the Gateway Development Commission for your continued leadership on this project, and to all partners working toward this goal.