NY-NJ Gateway Tunnel Project Could Come to a Halt

Summary

Bloomberg's Michelle Kaske reports on the Gateway Development Commission's Hudson River rail-tunnel project, saying federal funding remains withheld and work could stop if the money is not released. New York and New Jersey are in court seeking a temporary restraining order, while the $16 billion project relies partly on about $4 billion in federal loans to be repaid by the two states and the Port Authority. Officials warn that a stop and restart would add unplanned costs and logistics.

• Gateway Development Commission says federal funding for the Hudson River rail tunnel is being withheld.
• Work was set to stop at 5 p.m. if the funding did not come through.
• New York and New Jersey are in court seeking release of the federal money.
• The $16 billion project relies partly on about $4 billion of federal loans to be repaid by New Jersey, New York, and the Port Authority.
• Gateway head Tom Prendergast says a stop and restart would create unplanned costs and require securing and moving equipment.
• The segment does not name a specific public security, ticker, or investment recommendation.