Airport collaborative redevelopment proposal could leverage $7 billion in private investment
Hampered by outdated systems and infrastructure in need of repair, the John F. Kennedy International Airport in New York City has found a friend in New York Gov. Andrew Cuomo. The forward-thinking governor this week announced his $10 billion plan to redevelop the JFK Airport, the nation’s fifth-busiest aviation facility.
To transform this aging transportation resource into a world-class transportation hub will require a collaborative effort between both the public and private sectors. Like the multi-billion-dollar renovation currently underway to rebuild terminals at the city’s LaGuardia Airport, officials are contemplating a public-private partnership (P3) as the financing method for much of the JFK project. Two-thirds of the more than $8 billion investment to build new facilities at LaGuardia is being paid for by the private sector. Experts say the JFK plan has the potential to drive up to $7 billion in private investment.
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USDOT program assists states cities
Last summer, U.S. Department of Transportation (DOT) Secretary Anthony Foxx announced the creation of the Build America Bureau. It was heralded as a one-stop shop to provide assistance to government entities in need of funding for transportation infrastructure projects.
The new bureau was designed to provide support, information, expertise and advice related to DOT credit programs and funding for infrastructure projects. Specialists in the bureau offer guidance about how to combine federal funding programs, how to access specific ones and how to acquire funding for projects in a much quicker way. The bureau is also prepared to guide and advise public officials about various other types of alternative funding programs such as public-private partnerships (P3s).
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Last summer, U.S. Department of Transportation (DOT) Secretary Anthony Foxx announced the creation of the Build America Bureau. It was heralded as a one-stop shop to provide assistance to government entities in need of funding for transportation infrastructure projects. The new bureau was designed to provide support, information, expertise and advice related to DOT credit […]
America’s airports no longer compete well on a global scale. Not a single one is currently ranked in the top 10 worldwide. That must change. Funding has simply not been available and cities have been forced to “make do” for entirely too long. Change is coming though, as city leaders find innovative and collaborative ways […]
Think traffic congestion is a pain? Try finding a parking space! It’s a growing problem in America, particularly in cities. Finding a place to park near a commercial building, medical center, college campus or residential housing in a mixed-use development is often impossible. Government officials are developing programs and designing apps in an effort to […]
More than 204 million motor vehicles make daily crossings over approximately 60,000 bridges in the United States that are classified as structurally deficient. The federal government over the last decade has pumped between $6 billion and $7 billion per year into bridge projects. Now, a U.S. Government Accountability Office (GAO) report is recommending that the […]
Federal transportation grants totaling nearly $800 million are expected to leverage additional federal, state, local and private funding to support $3.6 billion in infrastructure investment in the United States. U.S. Secretary of Transportation Anthony Foxx this week announced the first round of funding from the FASTLANE federal grant program toward 18 urban and rural road, […]
Hampered by outdated systems and infrastructure in need of repair, the John F. Kennedy International Airport in New York City has found a friend in New York Gov. Andrew Cuomo. The forward-thinking governor this week announced his $10 billion plan to redevelop the JFK Airport, the nation’s fifth-busiest aviation facility.