Federal and state funds are coming together to replace a 110-year-old railroad bridge in New Jersey. The project is part of the estimated $24-$30 billion Gateway infrastructure initiative that is ultimately needed.
The new fixed-span railroad bridge is expected to be completed in five years. Crossing New Jersey’s Hackensack River, it is important to Amtrak’s busy Northeast Corridor line. Collaboration makes the project possible. As Construction Dive reports:
The Federal Transit Administration has struck a deal with the New Jersey Transit Corp. to fund the $1.9 billion Portal North Bridge project with a $766.5 million Capital Investment Grant. The balance of the money will come from the Federal Highway Administration ($57 million), New Jersey ($811 million), and Amtrak ($251 million).
New Jersey Transit will be the primary owner of the bridge, but Amtrak will maintain it. The new bridge will be built high enough so that marine traffic will be able to pass underneath without stopping traffic, and other benefits include improved reliability and faster train speeds.
Want to Partner?
The American Society of Civil Engineers estimates it will take at least $1.5 trillion to bring all the roads, rails, bridges and tunnels up to par across the country. As projects are scoped, scaled and funded, what are you hoping to get busy on? Be at the ready with Colonial Surety Company’s special Partnership Account®. Apply and pre-qualify for a surety-line of credit that will help you grow your business. It’s easy with Colonial’s efficient new online system—and all companies that apply receive, for free, Dun & Bradstreet scores.
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®.
One major project in the Gateway Initiative is the Hudson Tunnel—which was inundated by seawater during Hurricane Sandy in 2012. An estimated $11.6 billion is needed to build a new tunnel—and repair a new one. Four hundred trains pass through the tunnel each day—and losses from shutting down even one of the two tubes for one day are estimated at $100 million!
Infrastructure efforts are bound to be part of our future across the country—why not get control of your bid, performance and payment bonds now? With a Colonial Partnership Account® contractors across the country:
- Gain control of their bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real-time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.