According to a recent announcement made available on Thursday, the Port Authority of New York signs Park-And-Ride lease agreement after renegotiating the terms of a past deal. The authority will receive $875,000 on behalf of the lease that used to pay $1 a year for the same services.
The Lincoln Tunnel area in New York City is a region of great interest, particularly for the port authority, which has been renegotiating some of its past deals to ensure better park-and-ride services. The past agreement that the administration has signed was incredibly non-profitable.
Based on the previous deal, the park-and ride lease paid $1 a year to the Port Authority. The tables have now turned and the New Jersey Transit will have to pay $875,000 every year for the same services.
The agreement, however, has many more steps to take before it will be entirely acknowledged. Both agencies have to greenlight the project in order to be enacted.
The past agreement that the two agencies have had has been contested many times before; thus, determining the authorities to renegotiate its terms. Chairman David Samson was the one who first closed the $1 deal, triggering the discontent of many U.S. citizens.
Voices became even more critical after certain documents indicated that Samson was representing New Jersey Transit, hence the small port fee. Further investigations in the matter forced Samson to resign from his position because his decisions were not in keeping with the local legislation.
Shortly after Davis Samson’s resignation, the Port Authority announced that they will be renegotiating the park-and-rise lease contract. On Thursday, they announced that New Jersey Transit will have to pay a much bigger sum for the same services.
The figures, however, are more realistic, was the official declaration of the Port Authority. They have concluded that the sum of money that the company is now paying has been objectively calculated.
In spite of the renegotiation, New Jersey Transit is satisfied with the terms of the new deal. They have told the press that they will continue to pay the established fee to the Port Authority. They have, thus confirmed that the previous contract has been renegotiated.
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