A new Goethals Bridge is in the works, but the Port Authority is not building it.

A private company will build, maintain and front the money for the project.

It is the first time in more than 100 years that a private sector company will take on the task of building a bridge in the city.

The Port Authority will ultimately pay off the billion-dollar price tag in a 30-year installment plan.

The company will front 10 percent of the money and get federal transportation bonds for the rest.

The Port Authority will own the new bridge and collect the tolls.

The current four-lane Goethals Bridge is considered too small to handle modern traffic.

The new bridge will have six 12-feet-wide lanes, with shoulders and a pedestrian walkway.

The span is set to open in 2017, after which the old bridge will be torn down.

(Source: NY1)