The city of Medford, New Jersey, has been awarded a $1.8 billion federal grant to build a new rail route between Portland and the Bayonne Bridge.
The $1 billion, five-year project is part of a federal stimulus package that includes $1 trillion for highway construction, $400 million to help low-income communities rebuild after the storm, and $500 million for the state to make up for lost funding from the massive New Jersey Transit bus system.
The program, known as the PATH Corridor, is expected to be completed by 2026.
It will be the first major project of its kind in the country.
Chris Christie (R) hailed the funding as a “major win for our state and the people of Medinnes.”
The federal grant was awarded in 2017 by the U.S. Department of Transportation.
“This project is a game-changer in the way New Jersey businesses, workers and communities benefit from this massive infrastructure investment,” Christie said.
“This project will allow the entire state to build on its strengths and to expand the region’s connectivity.
The new project will connect Portland to Medinns main city of Concord, and the bridge to Bayonne, where the governor said Medford has “many opportunities to build new jobs.””
In addition to being a game changer, this project is also a catalyst to creating more jobs and investment for our residents and businesses.”
The new project will connect Portland to Medinns main city of Concord, and the bridge to Bayonne, where the governor said Medford has “many opportunities to build new jobs.”
The project is slated to take two years to complete, with the first phase expected to open in 2021.
The second phase, which is scheduled to open by 2022, will connect the two communities.
The project has already attracted a number of large investors, including private equity firm Bain Capital, hedge fund manager Chris Burnham and private equity firms Goldman Sachs and Bain Capital.
The state also received $400,000 to help pay for a $500,000 loan to help the state rebuild after Superstorm Sandy.
The funding is expected provide Medinnians with jobs and more economic activity.
The state has invested $7 billion in the area and is on track to receive another $7.7 billion over the next five years.