Officials said they may need to scale back the ambitious project on Manhattan's West Side if a $1 billion loan from the U.S. Transportation Department fails to come through.
Port Authority officials said on Tuesday they were racing to land a federal loan that’s key to the reconstruction of the Midtown bus terminal, and were hoping the money will be secured before President-elect Donald Trump takes office in January.
“We are optimistic that we should be able to close on the loan in a timely manner,” Hersh Parekh, deputy chief of intergovernmental affairs for the Port Authority, said at a New York City Council zoning committee meeting on Tuesday. “If the loan does not pan out in the way that is needed for this project, we will have to take a look at the funding plan and take a look at the project and likely make some very hard decisions about it.
It was not clear how the bus terminal plan would change should the loan not come through. But the Port Authority is far from the only public agency in New York that’s rushing to secure federal funding before Trump takes office.and whether the governor can reverse her “pause” on the Manhattan tolling program before Inauguration Day. Trump previously promised on social media to “TERMINATE” the program, which requires federal approval, during his first week in office.
“We're going to fight Jersey-style to make sure these projects get built and continue to move ahead,” he said. “When anyone looks at this studies how critically important a new bus terminal is, they'll realize that 20% of America's GDP runs through this region. It's critical to our economy and the United States. So any president should look at this, and it should be a no-brainer to move forward on.
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