MARINE TERMINALS and WATERFRONT DEVELOPMENT
THE PORT AUTHORITY'S objective of a waterfront rehabilitation program planned and developed on a coordinated and balanced regional basis is taking form on the New Jersey side of the harbor by the acquisition of Port Newark, a marine terminal owned by the City of Newark which has advantages of location that have never been fully exploited, and by the proposed plans to restore Hoboken's waterfront to its former position of distinction in the port.
These undertakings, one already in progress and the other still under consideration, are, like the program formulated for New York City, illustrative of the services which the Port Authority, as a regional planning and operating agency, is increasingly able to offer to municipalities in the Port District, not only in relieving them of financial responsibilities but in harmonizing their economic interests with those of the area as a whole. In the instance of the Hoboken proposal, moreover, which relates to property in possession of the Maritime Commission, the United States government would secure substantial benefits without the expenditure of federal funds.
The Port Authority began operation of Newark's marine and air terminals on March 22, 1948, under an agreement with the City dated October 22, 1947, whereby the Authority secured a long-term lease on the properties and undertook to make the capital expenditures necessary to rehabilitate and improve them (subject to specified limitations and conditions), to operate and maintain them, to pay the City an annual rental, and to return them in good condition at the termination of the lease. The lease became effective March 22, 1948, immediately after the City of Newark secured