NY Port Authority to look at future P3s

EXCLUSIVE: The Port Authority of New York and New Jersey (PANYNJ) has backed the P3 model for new projects, adding that new deals are a possibility for the future.

Executive director of the PANYNJ, Pat Foye, told P3 Bulletin that the authority would consider the model "where it made sense", but warned that it would not be appropriate for several projects going forward.

"The Port Authority will continue to look at P3s where they make sense, and they won’t in all instances," said Foye. "We broadly look to employ innovative financing approaches and private sector capital and expertise where they make sense."

The authority has already overseen the successful procurement of the landmark Goethals Bridge and is currently working on the LaGuardia airport project, which is due to announce a preferred bidder in the New Year. Further airport deals are in the offing after an announcement by Governor Andrew Cuomo and Vice-President Joe Biden last month.

The PANYNJ has also said that P3 will be considered for the Newark Airport Terminal A development later in the decade.

Earlier this year the PANYNJ board approved a 10-year, $27.6bn capital plan that provides a blueprint to renew the agency’s focus of maintaining and building regional transportation infrastructure and on the creation of jobs and regional economic activity.

To read an in-depth interview with PANYNJ’s Pat Foye, see the upcoming Winter issue of P3 Bulletin.