Portal North Bridge Is Out of Money Already!
Stop the presses, NJ Transit Board members, please wake up! The $1.56 billion Portal North Bridge construction contract you approved unanimously at a special meeting last Oct. 12 is a whopping $340 million (28%) over the $1.22 billion contract cost in the PNB Project capital budget! The entire Project Capital Cost is now higher than any amount anticipated by either NJT or the Federal Transit Administration, $32 million over the $1.96 billion identified as the worst case imaginable for which 20% cost overrun funds were identified. In effect, the PNB Project capital budget is out of money before the first spade is turned.Continue Reading NJT Board Members: Wake Up!