NEW YORK (AP) — A deal has been finalized to pay for a $1.5 billion replacement for the Goethals Bridge between Elizabeth, N.J. and Staten Island, N.Y.
It’s a public-private deal in which a group of developers will make equity contributions and receive payments over 35 years. The amount of the payments depends on the performance of the contractors hired by the Port Authority of New York and New Jersey, which owns the bridge.
A $461 million bond and a $474 million loan are also part of the deal.
The Port Authority says it’s the first public-private partnership of its kind in the Northeast for surface transportation.
It will also be the first new Port Authority bridge in 80 years.
It’s expected to open in 2016 and be complete in 2017.