Hudson Rail Tunnel Project Cost Reduced by $1.4 Billion

Officials pushing for a new multi-billion-dollar Gateway Hudson River Tunnel announced on Friday they have trimmed $1.4 billion off the cost of the project in the hopes of securing necessary federal funding for the venture.

Rick Cotton said in his letter to the FTA, “The Project Partners are again requesting to be included in the annual budget proposal, and, with each passing year, the risk of a significant failure and long-term shutdown of the North River Tunnel increases.” He later cited a report by the Regional Plan Association that estimates a partial shutdown of the existing North Tunnel would cost the national economy $16 billion over four years.

Read more in New York Law Journal