An agreement to help fund New York City's new midtown Manhattan bus terminal brings the $10-billion replacement project closer to construction. Gov. Kathy Hochul’s office announced the deal a little more than a month after the Port Authority of New York and New Jersey released a draft environmental impact statement and revised project plan for the 73-year-old interstate transit hub.
The city pledged 40 years of tax revenue to the project—an estimated $2 billion—from three potential commercial developments on three sites, including two atop the terminal and one at a nearby site owned by the Port Authority and private parties.