Gateway Program Names Financial Adviser, Funding Still Uncertain

NJTV News, NJTV News | October 1, 2018 | Transportation
No indication yet from Trump administration that federal assistance will be forthcoming, but corporation in charge wants to be ready

The corporation overseeing the massive construction projects to secure and rejuvenate trans-Hudson infrastructure, has named Ernst & Young as its financial adviser.

Frank Sacr, interim finance director with the Gateway Program Development Corp., said, “We want to be ready to procure this project as soon as we have clarity on the funding side. There is a huge amount for us to do.”

Federal funding for the Gateway program, Phase One of which includes the Portal North Bridge Project and the Hudson Tunnel Project, has been up in the air under the administration of President Donald Trump. (The administration of President Barack Obama had pledged $13.4 billion in federal money.)

“There is no substitute for federal funding. On a project of national significance, they simply don’t go forward without federal funding,” said John Porcari, interim executive director at the corporation.

Read the full story on NJTV News Online, a content partner of NJ Spotlight.