The federal government on Tuesday issued the Port Authority a major loan that allows work to proceed on the planned replacement of the decrepit Midtown Bus Terminal, less than a week before the end of President Joe Biden’s term.
The loan sends roughly $1.9 billion to the agency. Since the presidential election in November, Port Authority officials have raced to secure the money, fearing President-elect Donald Trump would nix it after taking office.
Along with $3 billion approved through the Port Authority’s 10-year construction plan, the loan covers about half of the new bus terminal’s $10 billion expected price tag.
Officials plan to replace the shabby old bus terminal built in 1950 with a new, light-filled space that can handle more riders. They hope to open the 2-million-square-foot facility to the public in 2032.
“This federal loan for this vital, interstate transportation facility will enable the Port Authority to build a 21st-century bus terminal that commuters from New Jersey and communities in New York City deserve and will rely on for decades to come,” Port Authority Chairman Kevin O’Toole said in a statement.
Port Authority officials still need to figure out how to cover the project’s full cost, but say the loan enables them to begin construction this year.
