The Port Authority of New York and New Jersey on Friday proposed raising tolls on bridge and tunnels crossing Hudson River by as much as 50 percent to pay for capital expenses, including the massive project to raise the Bayonne Bridge, the Journal of Commerce reports.
The money will be used toward the $1 billion raising of the Bayonne Bridge and the $11 billion reconstruction of the World Trade Center.
The authority said the toll increases are necessary because the recession had cut its revenue by $2.6 billion from projections made when the agency’s original 10-year capital plan was sized. It said because 11 million fewer vehicles are crossing its bridges and tunnels, it will take until 2020 to reach the levels for 2011.
The increases would include a surcharge of $3 to increase the cash toll for using its bridges and tunnels from $8 to $15.
The authority also proposed raising tolls for autos using E-ZPass on the Port Authority’s crossings from $6 to $10 roundtrip for off-peak travel, and from $8 to $12 in peak hours. It said an additional $2 increase during peak and off-peak hours will be implemented in 2014.
The agency also proposed raising the fare for the PATH trains running from Lower Manhattan to New Jersey from $1.75 to $2.75 in 2011, with the average fare increasing to $2 from $1.30 given the steep 25 percent discount, which will be fully preserved. The 30-day unlimited pass will increase to $89 from $54.
The money will be used toward the $1 billion raising of the Bayonne Bridge and the $11 billion reconstruction of the World Trade Center.
The authority said the toll increases are necessary because the recession had cut its revenue by $2.6 billion from projections made when the agency’s original 10-year capital plan was sized. It said because 11 million fewer vehicles are crossing its bridges and tunnels, it will take until 2020 to reach the levels for 2011.
The increases would include a surcharge of $3 to increase the cash toll for using its bridges and tunnels from $8 to $15.
The authority also proposed raising tolls for autos using E-ZPass on the Port Authority’s crossings from $6 to $10 roundtrip for off-peak travel, and from $8 to $12 in peak hours. It said an additional $2 increase during peak and off-peak hours will be implemented in 2014.
The agency also proposed raising the fare for the PATH trains running from Lower Manhattan to New Jersey from $1.75 to $2.75 in 2011, with the average fare increasing to $2 from $1.30 given the steep 25 percent discount, which will be fully preserved. The 30-day unlimited pass will increase to $89 from $54.