Port Authority approves $32 billion capital plan, including funds toward new bus terminal

(AP Photo/Bebeto Matthews)

The Port Authority of New York and New Jersey has approved a $32.2 billion capital plan that commits financing for a new Hudson River train tunnel and funds planning for a new bus terminal in Manhattan.

Gov. Andrew Cuomo called the 10-year-old plan approved Thursday "a huge step for New York and the region."

The plan allocates more than $11 billion toward redevelopment projects at JFK, LaGuardia and Newark Liberty International airports.

Funds will also go toward extending the PATH system to the Newark airport.

The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal and nearly $2 billion to refurbish the George Washington Bridge.

The agency says the plan will create 235,400 jobs and generate $56 billion in overall economic activity.

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