NEW YORK, N.Y. – Officials say an agreement has been reached to create a corporation to oversee plans to build a rail tunnel under the Hudson River.
The agreement was announced Thursday and federal and state officials say the entity will be created within the Port Authority of New York and New Jersey. Gateway Development Corporation will co-ordinate the project and be controlled by a four-member board with representatives from both states, Amtrak and the U.S. Department of Transportation.
Federal officials and Amtrak say they will be responsible for financing half of the project, which could cost up to $20 billion.
The announcement represents significant progress in the project.
The century-old rail tunnel used now by Amtrak and New Jersey Transit is deteriorating and was damaged by Hurricane Sandy.
This story has been corrected to show that the announcement came on Thursday, not Wednesday.