Funding Available for Port Development Projects in NY
- Business & Finance
Governor Andrew M. Cuomo yesterday announced $27.9 million in state funding is available to preserve and enhance rail and port services in major trade and passenger travel corridors across New York State.
This funding was included in the new $21.1 billion five-year State Transportation Plan under the Governor’s Passenger and Freight Rail Assistance Program.
The program provides support for rail and port projects that enhance safety, alleviate congestion, increase operating capacity, facilitate regional economic development and increase competitiveness.
“This funding will improve rail safety and reduce transportation congestion on our roads, bolstering economic competitiveness and encouraging future growth,” Governor Cuomo said.
Projects funded through the Passenger and Freight Rail Assistance Program will be selected through a competitive solicitation process and rated based on established criteria that include a cost benefit analysis, adherence to regional economic development plans and compatibility with other private and public investments.
Eligible project activities include: track and bridge rehabilitation, yard, terminal and siding construction, elimination of clearance obstructions, wharf, dock and bulkhead construction, dredging and other projects that enhance economic competitiveness.
The New York State Department of Transportation will be accepting applications for this funding opportunity through November 4, 2016.