The term of the lease agreement is 32 years, and it provides NY Waterway with the option to purchase it at market value. For those 32 years, NY Waterway will make annual lease payments based on passenger counts. At current levels, that would add up to something in the vicinity of $600,000 under the formula worked out between the state and the operator.
The new building is near the existing Weehawken terminal, and adjacent to a site on which NJ Transit will build a new station on the Hudson-Bergen Light Rail line. Of the $30 million package, some $25 million will go for actual construction, with the rest being used for dredging.
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