of New York & New Jersey
AIRPORT VOICE, DECEMBER 2021 21
McCabe served as the Commissioner of the New Jersey
Department of Labor and Workforce Development and
as the Chief of Staff to the Mayor of Woodbridge.He also
serves as a board member of the John J. Heldrich Center
for Workforce Development at Rutgers University and as a
trustee for the New Jersey Hall of Fame Foundation.
Robert J.
Menendez
Robert J. Menendez
was nominated to the Board
of Commissioners by Governor
Phil Murphy. He
joined the Board on June 8,
2021.
Mr. Menendez is Counsel
in Lowenstein Sandler
LLP’s Corporate Department
and a member of its
Investment Management
Group, where he represents a diverse group of organizations
from early-stage companies to institutional advisers.
Mr. Menendez helps clients launch, operate and grow their
businesses, advising on a wide breadth of legal and regulatory
issues. Mr. Menendez has particular experience in
transactions involving complex corporate structures, as
well as ongoing adjustments to their management and
ownership arrangements. Mr. Menendez has leveraged
this experience by serving as outside general counsel to
early-stage companies, many of which are led by traditionally
underrepresented founders and executives.In addition
to his corporate practice, Mr. Menendez has extensive experience
representing pro bono clients and served on the
legal staff of the Lowenstein Center for the Public Interest.
Rossana Rosado
Rossana Rosado was nominated to the Board of Commissioners
by Governor Andrew M. Cuomo and joined the
Board on July 2, 2017. She previously served on the Port
Authority Board from June 2012 to May 2015.
From becoming the first woman to serve as Editor and
Publisher of the largest Spanish-language newspaper in the
country, to championing prisoner re-entry initiatives, to her
work as an award-winning
producer, Rossana Rosado
brings a depth and
diversity of experience
as New York Secretary of
State. Governor Cuomo appointed
Secretary Rosado
to the position on February
3, 2016 and she was unanimously
confirmed by the
New York State Senate on
June 15, 2016. Her leadership
has helped make the
Department of State one
of the most dynamic agencies
in State government.Secretary Rosado is best known
for her successful tenure as the Publisher & CEO of El Diario
La Prensa, where she spent 18 years, overseeing more
than $22 million in annual revenue.
Michelle E.
Richardson
Michelle Richardson
was nominated to the
Board of Commissioners
by Governor Philip
D. Murphy and joined the
Board on June 8, 2021.
With three decades of
private, public, and nonprofit
sector experience,
Michelle Richardson is
known for the breadth and depth of her expertise in government
and community development. She has managed
State government divisions with budgets in the hundreds
of millions of dollars, forged partnerships to grow local businesses,
helped minority and women entrepreneurs build
wealth, and lent millions of dollars to build affordable housing
in urban communities. She has also directed a County
park system, led development at a housing authority, devised
State workforce strategies during the Great Recession,
and cochaired housing transition teams for two governors
elect.
Ms. Richardson currently serves as Executive Director
of the Hudson County Economic Development Corporation.
She joined the nonprofit in 2016, focusing on underserved
communities. She partners with educational and financial
institutions, chambers of commerce, and nonprofits to mentor
entrepreneurs and guide individuals in using information,
capital, and home ownership to build wealth.
Rick Cotton
Executive Director
Rick Cotton became the
Executive Director of The
Port Authority of New York
and New Jersey on August
14, 2017. Prior to joining
the Port Authority, since
January 2015, Mr. Cotton
served as Governor Cuomo's
Special Counsellor
for Interagency Initiatives,
serving as the point person
within the Governor's office
for most of the Governor's major downstate infrastructure
priorities including LaGuardia and JFK Airports,
the Moynihan Train Hall and Penn-Farley Complex,
the new Tappan Zee Bridge, the expansion of the Javits
Center, and the MTA's Second Avenue Subway
project. Mr. Cotton joined the administration following
25 years at NBC Universal, where he held a number
of positions beginning in 1989, including 20 years as
EVP and General Counsel and four years in London
as President and Managing Director of CNBC Europe.
He also served as Executive Secretary to the Department
at the U.S. Department of Health, Education and
Welfare under Secretary Joseph A. Califano, Jr. and
Special Assistant for Renewable Energy to Deputy
Secretary of Energy John Sawhill at the U.S. Department
of Energy. Mr. Cotton received an A.B. from Harvard
College and a J.D. from Yale Law School, and
served as a law clerk to Justice William J. Brennan,
Jr. on the U.S. Supreme Court.
For more information on the individuals that comprise
the Port Authprity Board of Commissioners, goto https://
www.panynj.gov/corporate/en/government-ethics/boardof
commissioners.html
PANYNJ December Board Meeting
2022 Budget, T1 lease main topics
At its recent meeting, the
Port Authority Board voted and
approved the $7.9 billion 2022
budget, leasing approval for
NTO lease and extension of the
TOGA lease. The 2022 budget
consists of $3.4 billion for operating
expenses, $2.7 billion for
annual capital spending, and
$1.8 billion for debt service and
deferred expenses. Some of
the 2022 funds are allocated to
enabling infrastructure in direct
support of JFK Redevelopment,
including roadway improvements,
utilities, improved parking
facilities, a ground transportation
center and airfield work
for the overall JFK redevelopment
(To date, approximately
$1.24 billion of those funds have
been authorized through separate
Board actions.)
“This budget is disciplined
and responsible,” said Port Authority
Executive Director Rick
Cotton. “The budget recognizes
the very difficult financial environment
while providing the
needed resources to enable the
agency to carry out its responsibilities
and accommodate the
growing volume of travelers.”
Fare increases
Toll rates for autos and
trucks, as well as PATH fares
remain unchanged in 2022 with
a toll increase of $3 per bus, effective
on Jan. 3, 2022.
Based on an automatic inflation
increase, a $0.25 AirTrain
fare increase, effective March
2022.
Transportation
volume
Executive Director Cotton
said 2021 was a “terribly difficult
year” but expressed gratitude
for the workforce in their dedication
as well as highlighting
the continued planning and execution
of leases that will complete
the covid delayed JFK redevelopment.
The Seaport set
new records, bridge and tunnels
fared well but aviation and
the path lagged. However, Cotton
projects 126 million flyers or
90% of prepandemic for 2022
with PATH ridership 75% of prepandemic
through 2022. This
allowed for the increased $636
million in 2022 budget with projection
of increased revenue
from all sources but still leaving
a smaller budget than prepandemic.
Board Chair Kevin
O’Toole expressed pride in the
Port being able to do what it did
with the reduction in staff and
budget through 2021. The relatively
small FAA infrastructure
funding of $55 million for JFK
will help a bit in runways, taxiways,
roadway, safety and sustainability
improvements.
NTO Lease
Derek Utter outlined the
scope of the NTO project replete
with technology, security,
sustainability innovations and
30% MWBE goals. Due to the
pandemic delays, he said the
cost estimates have increased
somewhat, and that all the financial
support deals should be
accomplished by March-April
2022 leading the way for construction
to soon follow. The
master lease between NYC and
the Port was also extended giving
the investors a longer time
in which to invest and recoup
for this terminal, the T1 and T6
terminal projects. The Port also
approved a three-year extension
for the current T1 TOGA
operator for smooth transition to
the new Carlyle Airport Group
operation team.
-$9.5 billion for design and
construction financing and
other costs
-38 year lease with percent
ownership as follows: Carlyle
51%, Jonson Loop
Capital, 30%. Ullico 19%,
7.2 design, 2.3 interest debt.
This is a phased construction
with minimum payment
guarantees and other conditional
covenants.
-2.4 million square-foot terminal.
-To be built on T1, T2, T3
sites. With the demolishment of
the current T1 and T2, which is
a Delta Terminal whose aircraft
and operations will move to the
expanded T4.
The timeline is:
Q1/Q2 2022 Financial close,
Mid-2022 Start construction,
First 14 gate opens 2026, 5
more gates in 2028, with full
opening all phases/gates in
2030.
/board-of-commissioners.html
/board-of-commissioners.html
/board-of-commissioners.html
/board-of-commissioners.html
/government.Se