Number of the Day: $478 million

October 8, 2010 | Number of The Day

The money that the Christie administration says has already been spent on the ARC (Access to the Regional Core) tunnel is $478 million. Other estimates put it as high as $600 million. The $478 million only includes funds expended since 2009 for engineering, property acquisition, construction, insurance and professional services and not money spent in the earlier planning and design phase. Sen. Frank Lautenberg (D-NJ) cited federal statutes that say New Jersey will owe approximately $300 million to the federal government, plus possible interest and penalties, for cancelling the project at this stage. The Christie administration said some of the money may be recouped because any real estate purchase has enduring value.