The Port Authority of New York and New Jersey adopted a $27.6 billion capital plan focused on transportation projects.
The authority's board voted unanimously Feb. 19 to approve the 10-year plan, the first the authority has had in place since 2006.
With $8 billion to be invested in the authority's airports, aviation is the plan's biggest category. Within it, the most expensive project — and the most expensive capital project overall for the authority — is a $3.6 billion plan to build a new central terminal at LaGuardia Airport in Queens.
The plan will maintain the authority's AA-minus credit rating, authority vice chairman Scott Rechler said. It will not require any toll increases beyond those already announced, Rechler said.