The Port Authority of New York and New Jersey will earmark about half a billion dollars to renovate the 80-year-old George Washington Bridge, using money from toll and fare increases the bi-state agency recently implemented.

Executive director Patrick Foye called the initiative “core to the mission of the Port Authority.” The related projects would cost between $460 million and $480 million, the authority said. Construction is expected to begin next year, with a second phase to start in 2015.

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