Gov. Phil Murphy’s administration is preparing to provide a major financial boost to a long-planned replacement of the Portal Bridge, a key north Jersey rail crossing that is a frequent source of Northeast Corridor commuting headaches.
An outline of the administration’s plan to raise $600 million in funds to cover New Jersey Transit’s share of the cost of replacing the span was revealed in documents posted online earlier this month by the Department of Treasury. It’s seeking proposals from firms that could help arrange the financing either later this year or early in 2019.
The state Economic Development Authority will also be involved in the project’s financing. The EDA board voted yesterday to approve a preliminary bond resolution and funding agreement with NJ Transit, whose board is holding its own meeting today.