Port Authority to Discuss $320 Million for Greenville Yard Marine Terminal

Port Authority of New York and New Jersey staff are proposing that it spend $320 million for the redevelopment of the Greenville Yard-Port Authority Marine Terminal in Jersey City, N.J.

The Port Authority has been developing improvements for the site for several years.

Authority staff are proposing that the authority design and construct a $146 million intermodal container transfer facility. Global Terminal and Container Services would contribute approximately $15 million for the installation of rail-mounted gantry cranes at the site.

Authority staff are also proposing stabilizing and improving a cross-harbor carfloat system of rail-car barges between Jersey City and Brooklyn, N.Y. This would cost $133 million. The federal government would reimburse the authority for a minimum of $80 million.

Finally, staff are proposing the design and construction of offsite rail improvements in northern New Jersey by Conrail. The total cost of this work is expected to be $59 million. The authority would reimburse Conrail for up to $38 million for the cost of this work. The rail improvements are to ensure that the redeveloped Greenville Yard functions smoothly and efficiently.

The Port Authority does not issue bonds for particular projects and will not do so for this project. Instead, when it needs money it sells bonds for multiple projects.

The one time it will sell bonds for a particular project is for the World Trade Center. This is because, unlike its other bonds, these bonds are taxable.

The authority's Committee on Capital Planning, Execution and Asset Management will discuss the proposal at 10 a.m., Wednesday, at the Port Authority's administrative building in Jersey City.

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Transportation industry New York New Jersey
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