EY to advise Hudson Tunnel project

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The Gateway Program Development Corporation (GDC) Trustees have named Ernst & Young (EY) Financial Advisor for the Hudson tunnel project, which seeks to deliver a new rail crossing under the Hudson River between New York and New Jersey, and rehabilitate the existing crossing.

Under terms of the agreement, Ernst & Young will assist GDC in identifying and comparing different sources of funding and financing including private capital; developing and comparing different procurement methodologies including public-private partnerships; and preparing for and conducting procurement on the Hudson Tunnel and Portal North Bridge projects.

The agreement for financial advisory services will be entered into by the Port Authority and be subject to the direction and control of GDC. The financial advisor’s fiduciary duty shall be to GDC, though fees and charges will be paid by the Port Authority on behalf of GDC as part of the US$44 million authorized by the Port Authority Board of Commissioners in February 2018 for the project.

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