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The Port Authority of New York and New Jersey’s (PANYNJ) board recently approved a memorandum of understanding with New Jersey Transit under which the port authority will become a partner in the Access to the Region’s Core project.

The project calls for creating a second passenger-rail tunnel connecting Manhattan and New Jersey, and expanding track and platform capacity adjacent to Penn Station New York beneath 34th Street in Manhattan. PANYNJ will be responsible for real estate acquisition and construction management in New York.

The memorandum of understanding will enable the authority and NJ Transit to enter into a formal agreement to advance the project’s planning, development, design, engineering, real estate acquisition and construction.

“This is exactly the type of major construction project that the port authority was created to do,” said PANYNJ Chairman Anthony Coscia in a prepared statement. “It will allow this agency to use its extensive engineering expertise to provide much-needed capacity enhancement for interstate travel, and will help ensure that the regional economy remains strong.”

PANYNJ already has committed up to $2 billion for the $7.5 billion project, including up to $75 million to identify and acquire necessary property in New York City, and $10 million for preliminary planning and engineering.