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Special Panel on the Future of the Port Authority

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Special Panel on the Future of the Port Authority New debt KEEPING THE REGION MOVING The Port Authority of New York and New Jersey A report prepared by The Special Panel on the Future of the Port Authority for The Governors of New York and New Jersey December 26, 2014 i Special Panel on the Future of the Port Authority The Port Authority of NY & NJ: Keeping the Region Moving Special Panel on the Future of the Port Authority John J. Degnan Scott H. Rechler Chairman of the Port Authority of Vice Chairman of the Port Authority of New York and New Jersey New York and New Jersey Richard H. Bagger Mylan L. Denerstein* Commissioner of the Port Authority of Counsel to the Governor of New York New York and New Jersey xxxxxxxxx Christopher S. Porrino Seth H. Agata Chief Counsel to the Governor of New Jersey Acting Counsel to the Governor of New York ∗ Served from May to September 2014. Special Panel on the Future of the Port Authority The Port Authority of NY & NJ: Keeping the Region Moving Table of Contents 1. Executive Summary ............................................................................................................................................1 1.1. Background .................................................................................................................................................1 1.2. Recommendations ......................................................................................................................................3 A. Governance and Accountability .................................................................................................................3 B. Mission and Stewardship of Assets ............................................................................................................4 2. Introduction ........................................................................................................................................................8 2.1. History of the Port Authority ......................................................................................................................8 A. Founding .....................................................................................................................................................8 B. Early Days ...................................................................................................................................................9 C. Expansion of Port Authority Activities ..................................................................................................... 11 D. Present Day.............................................................................................................................................. 15 2.2. The Need to Evolve .................................................................................................................................. 18 2.3. Governors’ Charge and Objectives .......................................................................................................... 21 3. Governance and Accountability ...................................................................................................................... 23 3.1. Summary of Port Authority Governance Reforms Enacted To Date ....................................................... 24 3.2. Governance Recommendation #1: Reorganize Leadership ................................................................... 28 A. Create a Single Chief Executive Officer ................................................................................................... 29 B. Replace the Chair and Vice Chair with Co-Chairs or Rotating Chairs ...................................................... 30 C. Establish an Office of the Chair ............................................................................................................... 30 D. Increase Board and Board Committee Focus on Strategy, Planning, Risk and Projects ......................... 31 3.3. Governance Recommendation #2: Promote Culture of Transparency and Ethical Conduct ................. 33 A. Increase Transparency through Ongoing Initiatives ................................................................................ 33 B. Issue a New Code of Conduct to Renew Focus on Ethics and Compliance ............................................. 34 C. Create a Chief Ethics and Compliance Officer Position ........................................................................... 34 D. Pending Port Authority Reform Legislation ............................................................................................. 35 4. Mission and Stewardship of Assets ................................................................................................................. 37 4.1. Overview .................................................................................................................................................. 37 i Special Panel on the Future of the Port Authority The Port Authority of NY & NJ: Keeping the Region Moving 4.2. Approach and Methodology .................................................................................................................... 38 A. The Mission of the Port Authority ........................................................................................................... 38 B. Stewardship of Assets.............................................................................................................................. 38 4.3. Mission Recommendation # 1: Refocus the Port Authority’s Mission Statement ................................. 44 A. History and Evolution of the Port Authority’s Mission ............................................................................ 45 B. A Mission Statement for the Future ........................................................................................................ 46 C. Reinstate Regional Leadership ................................................................................................................ 47 D. Reassess and Update Capital Plan ........................................................................................................... 49 E. Redeploy Unallocated “Regional Development” Funds .......................................................................... 49 F. Deliver A More Efficient and Modern Organization ................................................................................ 50 4.4. Mission Recommendation #2: Revitalize Core Transportation Assets ................................................... 51 A. Port Authority Airports ............................................................................................................................ 53 B. The Port Authority Bus Terminal ............................................................................................................. 60 C. Port Facilities ........................................................................................................................................... 65 D. The Port Authority Trans-Hudson Corporation (“PATH”) ........................................................................ 76 4.5. Mission Recommendation #3: Phase Out Real Estate Ownership and Development ........................... 83 A. World Trade Center ................................................................................................................................. 84 B. Other Real Estate Holdings ...................................................................................................................... 89 C. Underperforming Assets ......................................................................................................................... 94 4.6. Mission Recommendation #4: Employ More Innovative and Flexible Financing Techniques ............... 95 A. Update the Port Authority’s 1952 Consolidated Bond Resolution ......................................................... 96 B. Employ Innovative Financing Tools ......................................................................................................... 96 C. Utilize Up-to-Date Financing Techniques ................................................................................................ 98 D. Retain a Global Investment Advisory Firm .............................................................................................. 98 5. Conclusion ....................................................................................................................................................... 99 ii Special Panel on the Future of the Port Authority The Port Authority of NY & NJ: Keeping the Region Moving 1. Executive Summary The Port Authority of New York and New Jersey (“Port Authority” or the “Authority”) plays a vital role in the economy of the nation’s largest and most dynamic metropolitan area, managing an array of airports, ports, and bridge, tunnel and transit facilities that are among the world’s most extensive and heavily used. For more than a decade, the Port Authority has dedicated enormous effort and resources to the rebirth of the World Trade Center site following the tragic events of September 11, 2001. That rebirth is now a reality and, in the years ahead, the Port Authority must recommit itself to its core mission of facilitating transit through the region for the millions of commuters, visitors, and cargo carriers who rely on its transportation infrastructure, ensuring that these facilities are worthy of the people and businesses they serve. To fulfill this mandate, the Authority must avail itself
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