The Gateway Program Development Corp., the conglomerate overseeing the $30 billion rail improvement project in New York and New Jersey, is set to issue requests for information to financial and legal advisers in the coming weeks.
Francis Sacr, a former project finance banker at Societe Generale hired as finance director for the project in June, said in an interview RFIs should be issued in the coming weeks. The process was initiated after the Port Authority of New York and New Jersey last week voted to approve $44 million in initial funding for the project, which complements an matching investment by Amtrak.
“This funding will allow us to increase internal capacity to deliver these critical projects with an integrated project team and outside advisers as needed,” Sacr said.
The Gateway project includes the $20 billion rail tunnel under the Hudson River that will connect Northern New Jersey to New York City, plus the replacement of bridges and rail tracks connecting the two states. PANYNJ, along with Amtrak and New Jersey Transit, make up the GDC.
Sacr said that GDC is still depending on half of the project to be funded by the U.S. Department of Transportation, despite some signs of resistance from the Trump Administration. If it does get the federal funding it seeks, the remainder could be funded through a public-private partnership.