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An agreement to fund the construction of new Hudson River rail tunnels has been reached between federal, New York, New Jersey and Amtrak officials that will have the federal government paying for at least half the project, New York news media reported yesterday.

Scheduled to be formally announced today, the agreement calls for the federal government and Amtrak to fund half of the project, which could cost as much as $20 billion. The states of New Jersey and New York will fund the other half. The agreement follows a proposal that Govs. Chris Christie of New Jersey and Andrew Cuomo of New York proposed this summer.

The project will involve construction of a new tunnel system under the Hudson River, as well as reconstruction of the existing 105-year-old tunnel, owned by Amtrak. A new entity, called the Gateway Development Corp., will be created within the Port Authority of New York and New Jersey to oversee the project, The New York Times reported.

This morning, Amtrak President and Chief Executive Officer Joseph Boardman issued the following statement:

"We applaud Govs. Christie and Cuomo and Sens. Schumer (D-N.Y.) and Booker (D-N.J.) for reaching agreement on the concept of establishing a new Gateway Development Corporation and their commitment to advance this critical program. The Gateway Program is essential to ensuring safe and reliable mobility for the region's rail passengers. Amtrak looks forward to working with all stakeholders to establish this new entity and to preserving and expanding the vital Northeast Corridor rail link that serves as a foundation for the region's economy."

To learn more about the Hudson River rail tunnel, which is the key component in Amtrak's Gateway plan, read this month's cover story in Progressive Railroading.