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Originally Posted by streetscaper
I heard that the new PA Bus terminal might have to be scaled back if the incoming administration decides to not approve federal funding for its construction.
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It's a $1 billion dollar loan, but it's the Port Authority. They'd find another way to close that gap.
https://gothamist.com/news/port-auth...p-takes-office
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Officials said they’ve already applied for the loan — valued at $1 billion — and that it is crucial to pay for the project,
.....“We are optimistic that we should be able to close on the loan in a timely manner,” Hersh Parekh, deputy chief of intergovernmental affairs for the Port Authority, said at a New York City Council zoning committee meeting on Tuesday. “If the loan does not pan out in the way that is needed for this project, we will have to take a look at the funding plan and take a look at the project and likely make some very hard decisions about it.”
The loan, alongside $3 billion approved in the Port Authority's current 10-year construction plan, would jumpstart the first phase of the new bus terminal. Officials said they expect work to begin as early as next year.
The Midtown bus terminal replacement is slated to cost $10 billion, with the new facility estimated to open to the public by the end of 2032.
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Of the $10 billion, $2 billion would come from the city (the office towers) and the rest from the PA.