Private investors sought for Goethals replacement

The News Leader

May 12, 2010 5:25:29 AM PDT
Private investors are being sought to build a replacement bridge between New Jersey and New York. The Port Authority of New York and New Jersey would then lease the privately owned Goethals Bridge from the investor to retain control of the tolls and operations.

The agency is taking the unprecedented step because revenues have fallen sharply during the recession and its debt limit is determined by revenues. Spokesman Steve Sigmund says the Port Authority can't issue bonds to pay the estimated $755 million cost of a new bridge.

The 82-year-old span, which links Elizabeth with Staten Island, has two lines in each direction with no shoulder.

Preliminary plans for the new bridge call for three lanes in each direction with a right-of-way in the middle that could accommodate a light or heavy rail line in the future.