PANYNJ city-port developments secured

Acquisition of the property will add 4.5% to the port authority’s total acreage on both sides of the Hudson River, and represents a strategic move to ensure scarce waterfront land remains available for port commerce under public stewardship. Despite the global economic decline in recent years, the port authority remains confident that the shipping industry will rebound.

“Keeping New Jersey’s ports competitive is vital to the state’s long-term economic growth,” said Governor Chris Christie. “This acquisition will enhance future business opportunities and help spur job creation.”

The Port Authority has tentatively agreed to pay the Bayonne Local Redevelopment Authority a total consideration of $235m over twenty-four years for the title to the Hudson River property together with permanent easements over the roadways on the MOTBY peninsula for operational and emergency use.

Further, a fast track review of environmental issues to help speed modification or replacement of the Bayonne Bridge was announced, as it is presently too low to accommodate the larger vessels anticipated at the port after the Panama Canal expansion is completed.