A $2.4 billion overhaul of Newark Liberty International Airport’s Terminal A officially got underway Tuesday as New Jersey Gov. Chris Christie broke ground on the redevelopment of the 44-year-old facility.
The terminal, one of three at the airport, will get three new roadway bridges, a new parking garage and an upgraded interior to accommodate more passengers.
The new terminal is expected to be completed by 2022.
Christie called the airport “an essential economic engine for New Jersey, generating thousands of jobs and billions of dollars in activity.”
The Port Authority of New York and New Jersey, which operates the airport along with New York’s LaGuardia and JFK Airports, estimates the project will create more than 10,000 jobs and nearly $1 billion in direct payroll wages, and generate $3.9 billion in regional economic activity.
Newark handled more than 40 million passengers in 2016, according to statistics compiled by the Port Authority. That placed it 15th among U.S. airports and 46th among airports worldwide.
(AP)
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I didn’t read anything about the funding source(s) for the project.
As I understand it, The Port Authority, a joint NY/NJ agency which technically “owns” the project, is a self-financing/supporting entity that doesn’t automatically get tax revenue from either state. Its revenue comes from tolls/fees it collects from airports, bridges, buses, trains, rent (like the World Trade Center, etc.) and other ventures.
While the combined revenue from all those sources is fairly substantial, so is the Port Authority’s operating budget. I suppose they could raise tolls/fees and borrow (floating long-term bonds) to cover some of the cost, but I doubt they’d raise $2.4B that way.
Do they anticipate the Feds and/or the two states volunteering tax dollars towards the project? If so, how much has each entity committed itself to?
As a tax payer, that’s the sort of information I’d like to hear more about.