At the end of August in order to improve the project’s rating to a medium or better, the Gateway Program partners presented an updated financial plan for the Hudson Tunnel Project to the Federal Transit Administration (FTA). The intention of this new financial plan is to recalculate and strengthening financial commitments by the project partners based on an updated cost estimate accounting for the four-year delay during the previous Administration.
August 2023 is the expected date for commencing major construction on the new tunnel, in accordance with the updated plan. Also, the estimated budget for Project’s construction cost is USD12.3 billion, involving USD10.1 billion for the new tunnel and USD2.2 billion for a full renovation of the present tunnel.
While a reduction happened in the project’s construction cost estimate from USD12.7 billion in 2017, entirely the project partners have received more than USD2 billion out of the forecasted expense, including USD1.4 billion based on progressed design work in the 2019 filing and more than USD900 million in property acquisition estimates since Amtrak was able to acquire a major Manhattan property over the summer.