Building Congress Event
Espresso with Carlo Featuring Rick Cotton, Executive Director, Port Authority of New York & New Jersey
Webinar Transcript
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Carlo Scissura 00:04
Good afternoon, everybody. See you all today for espresso with Carlo as usual, I have my espresso ready. So Elizabeth and Rick, cheers to all of you. We are we are very happy to have Rick Cotton with us today, Executive Director of the Port Authority of New York, New Jersey, obviously a critical part of the infrastructure, not really for just New York, New Jersey, but for the entire region in the country. So we'll hear from Rick in just a couple of minutes.
Carlo Scissura 00:38
But I did want to welcome a special guest with us today. Our Chair of the holding Congress, Elizabeth Velez, who was the president of the Velez Organization, and we decided that given the times we live in, it would be important to have sponsors for espresso with Carlo and our Chair is our first sponsor of this event. And I think it's been so successful that we're going to continue this moving forward. And we'll be announcing in a little while next week's guest. So, Madam Chair, please give us a welcome and thank you for being the first sponsor of espresso with Carlo.
Elizabeth Velez 01:22
Thank you, and Welcome, everybody. Good afternoon. And let me say especially We miss you, we miss you. We miss you so very much. I want to thank Carlo sora and our entire building Congress team for continuing to advocate and support all of our members. During this time when we can't be together.
Elizabeth Velez 01:43
These forums Carlo that you do have been invaluable to keep us all engaged during this time of social distancing. And, just in full disclosure, I'm joining not with Espresso but a nice cafe con leche, so --- drinking as well with whatever you want at this point all goes I think!
Elizabeth Velez 02:06
Our industry is so tenacious, we're so resilient, and I think I can say for everybody, but that we're so ready to get back to the hustle and bustle of our life and building, New York. We are in New York tough, and we are looking forward to starting back better than ever. We hope that's real soon. So enjoy the presentation today. We have a phenomenal guest speaker back to you, Carlo!
Carlo Scissura 02:32
Thank you. Thank you, Elizabeth. And thank you for all that you do for the industry. And really for mentoring so many people out there thank you. Now, tomorrow we're doing a young professionals thing, Rick, that's going to be Nigronis with Carlo. So thats at four o'clock I think that'll be a lot of fun, but really thank you everybody. You know, it's been challenging. I think anyone that says it has not been challenging must be living on the moon right now.
Carlo Scissura 03:00
But it's also been rewarding to really see how people have come together. Obviously the first responders, the governor has been phenomenal and his entire team, I'm honored to serve on his Restart New York Committee, and I thank Bill Mulrow and Steve Cohen for leading that.
Carlo Scissura 03:20
But you know, it's as we're going through this time, we're also thinking about the future and thinking about the engines of our regions of our economy of really what makes New York what it is. And I think when you think of that, Rick Cotton really is leading so much of that. And Rick, if it's okay with you, I'm going to skip your bio, and just jump right into it. You know, we all respect you and thank you for your years and I think you're, I can't think of a better person to be in this position at the Port Authority right now. Than you, and not just that the Port Authority but with your real understanding of infrastructure and building and the finances behind it. I think obviously, your voice is critical as we rebuild. So let me turn it over to Rick for a few minutes. And then we will start with questions.
Rick Cotton 04:13
I will Carlo, thank you very much for those those kind words the Building Congress has been a great partner, your members are key to virtually everything that the Port Authority has going in terms of its ambition to take legacy facilities and build new 21st century facilities that are on a par with any on the globe. So I thank you and I thank your your members really profoundly for that. I just will make a few introductory observations, call them and then we can have a dialogue.
Rick Cotton 04:53
First, I just begin in terms of the port authorities ambitions. If you go back it Seems like years but it's barely two and a half months. In terms of what the Port Authority was, was doing. We were operating our facilities at absolutely record volumes. The airport's last year 140 million passengers never had that level of passengers previously. The tunnels and bridges: steady growth over the last five years at a 10 year high in terms of vehicles path, commuter railroad, highest average weekday ridership and its history many many days being over 300,000 riders a day which for PATH was unheard of.
Rick Cotton 05:48
Just a very short time ago, the seaport setting records literally every month certainly had a record year last year, and record number of employees that The World Trade Center and going through the Oculus.
Rick Cotton 06:04
Now those days start to feel like a long time ago. But with the corona virus crisis, we shifted very, very quickly as everyone did into truly crisis mode. Our first priority was to keep our employees safe and in parallel with that they continue the keep our facilities open and operating and every single Port Authority facility. The airports the tunnels and bridges, the bus terminal, path, the seaport, World Trade Center have continued, continue to operate and to serve essential functions carry essential workers.
Rick Cotton 06:50
I'm very proud of that. But I really must extend my enormous thanks and gratitude to the employees of the Port Authority, the essential employees who have continued on the front lines, the operating staff, the police department, everyone who, in order to carry out their job has to be at a facility and on the front lines to serve our responsibilities continue to do that. I'm really happy to say that as we worked with, with the employees have to also thank the leadership of the unions union workforce, which has continued to serve just extraordinarily over the period of the crisis. We have wound up with a steadily declining number of employees on quarantine. happy to say that in the in the last week, we have had only one employee test positive we are less than 150 employees on quarantine. And we have one We have develop key operating procedures where it's not only we have nearly 3000 employees working remotely we employee is divided into a and b team so that we are sure that we maintain skill sets, social distancing, eliminated any kind of situations where employees come together in even moderately large groups. So, and we've changed all the practices. We can talk about this more if you'd like in terms of how we operate our construction projects in partnership with many of your members.
Rick Cotton 08:42
And so, in terms of the crisis, we are now in a mode we have adapted, it is very challenging, as you pointed out, to continue to operate under these circumstances, but we are operating and we are keeping our Employees safe in terms of the operation of the facilities themselves. Again, if you went back in terms of our prior, our prior ambitions, we were committed to a $37 billion capital plan highest in in the port authorities history. we've committed to the safety and security of our travelers using our facilities we are committed and moving up the curve in terms of trying to improve customer experience. And we were highly focused on ensuring and moving up the curve in terms of operating excellence, sustainability, and doing so with great attention to integrity and focusing on diversity in both our our contracting relationships and our workforce.
Rick Cotton 09:52
Rick Cotton 09:52
Rick Cotton 09:52
Rick Cotton 09:53
The challenge now is looking forward and we are very focused on Moving forward. Now the first thing I have to say and this is a development of the last period of time. The situation we face everyone probably aware of it, but the volume of travelers using our facilities as planned. It is extraordinary. This 97% decline in passengers going through our airports, it is a 95% decline in terms of ridership on path. It is 50% decline in vehicles going over our bridges and through our tunnels. The bus terminal in terms of passengers is 95 plus percent down seaport is held up a little better, and thankfully because the supply lines have continued to work well, but the consequence of that those passenger decline is that an enormous hole has been blown in our revenue streams now Remember the Port Authority is self sustaining. It takes it does not rely on taxpayer money, it does not receive any money from New York and New Jersey. We are entirely self sustaining through fees we charge to our commercial partners that our facilities, which generates about two thirds of our revenue and a third comes from tolls, fares and fees from users. But the decline in volume means that across the board our revenues have plunged that is what that is the entire source of what supports the Port Authority. It is the entire source of what supports our capital spending. It is what underlies our ambition, not only to operate at a high level of excellence, but to continue to build first class 21st century global standard facilities. Our estimate is that our revenues will fall bear to what they have been by $3 billion over the next 24 months. It is not possible to sustain our plans with that level of revenue loss and so we have gone to the federal government. And we have asked that as they develop their funding plan, which they're currently engaged in, to provide aid to state and local governments taking account of the impact of the crisis on state and local governments across the board, that the Port Authority be included. Yeah. As for what we are, which is a local government agency, we are a local government agency. We happen to be a local government agency that has two states as parents That is an unusual local government agency. So that the traditional way that the Congress has approached providing aid to state and local governments are through what are called formula grant programs. And typically, as a by state agency that is intended to be self sustaining, the Port Authority is not included.
Rick Cotton 13:27
So we have asked the Congress and this extraordinary crisis that we currently face, that in addition to thinking about states, in addition to thinking about municipalities, in addition to thinking about counties, they should be focused on agencies, like the Port Authority, there aren't many. But given the role that the Port Authority plays, that this is an absolutely crucial time for federal aid to be provided to fill this extraordinary revenue loss in order to To enable the Port Authority to move forward on its ambitious capital plan, its ambition to build 21st century facilities, we want to be part of leading the recovery that is, obviously desperately needed by the region and by the nation. Our capital spending has the potential to do that.
Rick Cotton 14:25
We also leverage because we rely heavily on public private partnerships on private financing. So if we can't proceed with our capital projects, the region will lose not only the Port Authority's capital spending, it will lose that that is supported by our partners. And all told, we're talking about 15 to $20 billion in the next few years. And it would be a tragedy for that capital spending not to be part of fueling the recovery.
Rick Cotton 15:03
Final point I will make is that we are as we look forward and that I think is critically important, we need to get through the next 12 to 24 months in terms of till a vaccine until the therapeutic drug is developed. We need to get through that period where safety and avoiding any re surgence of infection. And that's going to require operating differently. And we are completely committed to ensuring that our our travelers our users, passengers and our at the airport, Riders on the path train, feel safe, feel secure, and we are looking at and committed to developing new procedures, different procedures working in cooperation with the two states working in cooperation with public Health authorities looking at technology strategies, looking at different practices that enable social distancing. To deliver that to the, to the public.
Rick Cotton 16:11
But we are convinced that travel, transportation, it's obviously vital to the economy of the region. It's also vital in terms of visitors to the region, we have to create not only a feeling of security, but we have to provide facilities that makes the region competitive attractive. And we believe that the ambition of the Port Authority in terms of a new global standards facilities is an important part of that agenda. So we are going urgently to the Congress to ask them to include us in what is the current discussion in terms of aid to state and local governments and we remain committed Being as a vigorous force in terms of our the the services that our facilities provide, and the contribution that our capital investment will provide to sustaining that to the maximum extent possible.
Carlo Scissura 17:15
Thank you. Let me let me first of all there there are a lot of comments in our QA that I'm looking at just wishing you well on health and safety. So, you know, a lot of people thinking of you out there. Let me let me start a little bit before we talk about the capital plan. You mentioned a lot about how the facilities will have to change and what it looks like in the next 12 months, etc. Has the Port Authority taken steps already? And are they working in terms of how will the you know getting on an airplane be different? arriving at the Port Authority Bus Terminal be different things like that?
Rick Cotton 17:55
Well, big picture given the dramatic reduction in passengers at the airport the dramatic reduction in bus riders at the bus terminal the dramatic reduction in our path ridership, we have taken multiple made multiple adjustments first of all for efficiency sake to and and for maintenance and to enable our intense cleaning regimes to take hold as effectively and efficiently as possible. So, we have wound up working with our partners our airlines at the at the airport bus carriers at the bus terminal etc to shrink the operating footprint. So we there have been consolidation of gates and concourses at the at the airports similar consolidation of gate usage at the bus terminal. We have gone to a reduced operating schedule PATH, but each of those moves has been done with the safety of the passengers and the users first and foremost. So, we have we have gone at these with these reduced footprints to very intense cleaning procedures. We have worked to restrict the entry points to the terminals ticketed passengers only. As we have reduced schedules however, we have been very mindful of the need to enable social distancing. very mindful of the mandates from both states that individuals in public who can't maintain social distancing need to wear masks. So that the operation of the facilities has changed very, very significantly to accommodate to the reduced usage but to ensure everything As I say everything from a more limited footprint which can be managed and cleaned and maintained rigorously on a absolutely regular schedule, where health points can be put in place, hand sanitizers can be easily available. And so we have, we have pretty dramatically changed how we how we operate the facility. So I didn't mention our bridges and tunnels, we have moved the bridges and tunnels so that we're not all electronic tolling so there's no further cash collection again, to minimize the need for toll agents and drivers to have closer have closer contacts. So we've tried to look at every aspect of the operation and the facilities to ensure that they are safe as we can make them.
Carlo Scissura 20:53
Awesome. Thank you. Let's get to the capital plan. Obviously, we we in the building industry. We're very excited. And when you announced the largest, I think capital plan in history of the Port Authority. Can you give us a sense of what what continues to happen and what's been stopped? And then maybe let's take each airport. There are a couple of questions on JFK, LaGuardia Newark. Where do you see things at each airport in terms of the capital investment?
Rick Cotton 21:23
Well, the the two large construction projects that are in full swing are at LaGuardia, and Newark terminal one. So as hopefully everyone knows, pursuant to Governor Cuomo's vision plan. We're building an entire new airport at LaGuardia. We are literally tearing down every single passenger facility with the exception of the landmark marine Air Terminal and building a new that construction project has been making good progress. It faced some significant challenges as all construction projects did with the with the Coronavirus crisis. But he continues to move forward in terms of where we are there. As of the end of last year, there was a first new concourse at Terminal B had fully opened. That's on the west side of the airport. The first new concourse at Delta had fully open. That's on the east side of the airport. What we had announced and it is still the case is that the very large arrivals and departures Hall on the west side of the Airport Terminal B will open in mid 2020. And we are on schedule to do that and construction is in full swing on the eastern side, the Delta side of the airport across the river at Terminal one that project is moving forward very very vigorously the it has the steel has topped up the curtain wall installation is moving forward the concrete slab installation is moving rapidly forward the roadway construction is moving forward the taxiway improvements are are moving forward so both of those construction projects are fully engaged. They have both adopted as most other construction projects have but these construction projects have adopted very very strict safety precautions. Temperature checks for anyone and everyone entering the site. Facial coverings, hand washing stations available hand sanitizers available as everyone on this call knows the PPE for construction workers. requires gloves. So all of those requirements are very strictly enforced, I might say that the Port Authority has taken on an inspection, responsibility and obligation in terms of those are construction sites to be sure that the safety mandates are in fact being being followed. There are many, many more we could talk more about that, but those construction sites operating now under those new safety precautions are continued to move forward.
Carlo Scissura 24:36
Now, in terms of future So obviously, JFK, people got very excited about the plans and the ideas. Are there. Is there any part of that planning for the JFK week development that can continue or is that totally stopped?
Rick Cotton 24:51
Well, that's the that's the problem, Carlo. That is why we're in Washington and that is why I might say to everybody who's listening to this, we'd appreciate any support. In terms of convincing our, our representatives and national representatives in, in the Congress, both House and Senate, that this is really a critical ask and one that deserves that deserves support. We are moving forward with all of the projects that are in construction, what we are being forced to look at to reassess and to potentially face hurdles and moving in moving forward are projects that are not in construction. And JFK is is definitely one of those. The bus terminal is one of those. There it that is precisely the challenge and the path to Newark, the two air trains those that those are our ambitions. We're in the midst of renovating, renovating to, to moderate a word we are. We are trying to make the George Washington Bridge through a $2 billion program stretch structurally sound for another hundred years. So it can serve the region the way the current branch has. We have to relook at all of those projects in order to understand what the consequence of this dramatic fall in revenue will simply limit our abilities to move to move. So that that's that is precisely what is at stake. And we're trying to avoid having to triage amongst those, those projects that are critical to the future the region and as I said at the beginning, the capital spending involved in moving forward and and attracting private investment, so that our dollars and multiplied by private dollars, that's what's at risk, it should play a major role in the in the recovery.
Carlo Scissura 27:10
We agree obviously, we're committed to the foreign authority and support the ask. I would tell the listeners and there's several people on here that I know have relationships in Washington. If you have relationships with any particularly Republican senators right now, I think would be the moment to reach out and talk to them about the Port Authority and the MTA. Equally to ensure that the funding comes into New York.
Carlo Scissura 27:41
Do you see having to do a modification or an update to the capital plan yet? Or is it too soon to think that way?
Rick Cotton 27:50
Well, we need to know what Washington is going to do. We need to know we're we're obviously we're engaged in Washington we're engaged in trying to look forward in terms of what what will the recovery look like and over what, what period of time so we have to first know what Washington is going to do that will play an enormous role in how we view our ability to move the capital projects forward. And secondly, we need to have at least some better insight into what the nature of the recovery is be able to make as good a prediction as possible as to what our revenue lines will look like. As as one makes projections about what what will be the timing of the return of air travelers, what will be the time of the return of vehicles using the crossings what will be the timing and the volume of riders that a mass transit system like path can support that we will We're actively involved with multiple forecasters in terms of GDP recovery in terms of job recovery, and all of the elements that go into trying to foresee how travel will recover. And we need to, in order to make sensible and, and well grounded decisions, we're going to need to have a little bit more experience in terms of how how travel Does, does look like it's recovering. So these but these are decisions that are right ahead of us in the next next few months.
Carlo Scissura 29:49
Got it - you mentioned public private partnerships a few times, I imagine that becomes even more critical, moving forward given given the funding issues. How do you See if there are any changes and how Tripple P's continue after this?
Rick Cotton 30:07
Well, let's let's start fundamentally, the Port Authority. Within construction, the Primary Public Private Partnership tends to sense to be a design build, contract. And we are 100% committed, where we're looking to the private sector, in terms of innovation in terms of efficiency, in terms of the speedy delivery or delivery of projects, to rely on design, build construction. Wherever possible. without qualification design build is the default approach of the Port Authority.
Carlo Scissura 30:49
lemme interrupt - there there are a bunch of questions about design build on what we're talking about them, particularly on the procurement methods and how that looks moving forward.
Rick Cotton 31:00
Well, as I say, look, if you step back and think about it from the point of view of public agents, I do want to come back to the other contributions of public private partnerships, but on design build from the point of view of an agency that has to go through public procurements. That's simply the sensible and sound way to, to ensure that competition is is intense and that the public agency gets value for money, but procurements take a long time. So if you're going to do design bid build, you start out with the fact that you're, you're going through two different procurements. That by definition, slows down any project delivery.
Rick Cotton 31:46
Secondly, from the point of view of the owner from the point of view of the public agency, you wind up building in conflict, because you wind up with fingerpointing, but between the designer and the construction, That contractor. So those two elements design build is it is. In my view, it is hard to come to any conclusion other than design build needs to be the preferred procurement method.
Rick Cotton 32:19
Now we've learned a lot in terms of, of how to do design, build bidding, we've, but you wind up again in terms of speed with the need for only a 30% design of the building. It puts the public, the owner general but the public agency in particular, in the position of specifying performance, that's what the agency should care about, and leaving to the private sector, how to how most effectively, efficiently and best to deliver the performance specifications. And then in addition scheduled can be a very strong element of the bidding process. So the framework, from the point of view of the Port Authority from my own point of view is that it is working with the design build framework trying to be smart about it. There are elements where we've learned through mistake we there are elements where we've learned through success, about that process, but that is the that is the foundation and the building block.
Rick Cotton 33:31
Now, the other thing that I would say in terms of public private partnership is the financing aspect, and the ability to leverage private investment. So if you look at LaGuardia, we have two separate public private partnerships, one with 40 gateway partners, one with Delta, both very successful. Those those projects have been moving forward very effectively. There is a private sector motivation built in to both of them, and that is very important in terms of on time delivery. There's also a skill level, again, in terms of having private, private sector experience in both design and building techniques. Those are things that public agencies aren't very good at. And so being able to draw on the skill of the private sector critical, and then in addition, bringing private sector financing to the table based on projected revenues coming from the project, enable scares Port Authority dollars to leverage multiples of private dollars, and that is true of both those public private ships, private sector, public private partnerships at LaGuardia.
Rick Cotton 34:50
The JFK project is planned on that same foundation, which is public, private partnerships, which in turn incorporate design build, contracting approaches. And we are looking at every one of the additional projects going forward to do to replicate that to the extent that we to the extent that we can. So we are firmly committed to both design build and to utilizing public private partnerships which bring private financing to the table to the extent that it is that that is viable.
Carlo Scissura 35:33
That's great. And I think that answers a bunch of questions that we had on that. I want to stay on the airports for a minute before I go to PATH. I have about 15 minutes left.
Carlo Scissura 35:47
Has there been any discussion with the City of New York, ex--- to extend the airport's master lease beyond 2050 to allow for a longer amortization period for private investors? Does that make sense?
Rick Cotton 36:02
Well it is - a - there have been many discussions with the, with the developers about the value of that. We are looking at that very, very hard. It is a very difficult and complicated subject. So in terms of challenge that it was the lease was extended with extensive negotiations. The negotiations took place over a period of multiple of years. So, I think in terms of the immediate term, we can't go through a full negotiate renegotiate lease. So I think it's highly unlikely that we wind up with a or could even have the ambition to have a complete renegotiation, the question of whether there could be some more Emergency are shorter term extension, we need to look more closely at that possibility.
Carlo Scissura 37:06
I want to I want to turn to PATH. Obviously commuting is going to look different as people start getting back to work in a month or two, what what is the Port Authority planning for PATH riders? Have you started really thinking about How will that writing experience look differently moving forward?
Rick Cotton 37:26
Well, we've been giving that a great deal of thought, let me back up nine months and say PATH announced in June of last year, what we call the PATH improvement program. And the point of that program was threefold one, it was to dramatically increase capacity. Second, it was to reduce delays. And third it was to improve the customer experience.
Rick Cotton 37:55
All of those are now going to be very highly related to how we how we move forward. First, with the reduced riders, I mentioned that PATH reduced its schedule simply because there was this 95% reduction in ridership PATH has analyzed every single train, not an exaggeration in terms of the ridership on that, on that train, under the circumstances of reduced ridership, to have the modified schedule. Enable passengers of these are essential workers who are using the path trains we have to have sufficient capacity to serve them. On the other hand, we don't need to be running a schedule which was designed to serve 20 times the number of of riders.
Rick Cotton 38:55
But we have maintained a schedule which enables riders to Spread out in the cars and to socially distance. Consistent with the orders of both governors, we are requiring riders to wear masks. We have gone to a very intense cleaning and disinfecting schedule. Both of the cars and of the stations. The stations are cleaned and disinfected, the high touch areas multiple times a day, every single cars disinfected every day overnight. And so we have an and we have actually taken Carlo on social media, to posting pictures of, of the cars, lest anyone think that there is any kind of overcrowding or any kind of social distancing issue to demonstrate that the cars have plenty of capacity. for passengers to, to spread out.
Rick Cotton 40:03
Now going forward, we're going to have to think about how to maintain that capability as passengers come back. So we're going to have to think about how do we, how do we regulate? How do we meter passengers onto onto stations? Is there a way to meter passengers getting into cars so that there is not not a circumstance where crowding means that social distancing is not possible.
Rick Cotton 40:34
We have to communicate with passengers about our disinfecting and cleaning practices so that again, they feel safe. I think one, one lesson that one learns over and over is that it's not really enough to do something, you have to actually tell people you have to inform people you have to communicate with people. So we are working through all of those. We're trying to look at whether there's technology that can aid both in terms of how does one determine when capacity has been reached? Are there efficient and effective ways to disinfect as many parts of the system as possible on a frequent basis as possible? So all of that are intense subjects of conversation, discussion, and deliberation.
Carlo Scissura 41:26
That answers a bunch of questions as well. One interesting question in addition to government support, obviously, we're waiting on Washington but as the port started working with the private sector, figure out if government money doesn't come in does the private sector help inject doses of capital into into the budget?
Rick Cotton 41:51
Well, we were going to have to look at every every alternative speed here is a major consideration. DC actually, despite the the partisan and somewhat dysfunctional nature of the of the process in the in the recent past, we've seen multiple pieces of legislation, not necessarily without controversy, but we've seen multiple pieces of legislation move through the Congress, you know, for the Congress a very, very short period of time. We are hopeful that this next legislation will not only move quickly, but will include us so that has been our focal point over the longer term in terms of thinking whether there are private sector approaches. There there are some models which one could imagine which are development techniques in terms of value capture To the extent that transportation facilities are leading to higher higher valuations, higher tax valuations, and there are, again through the public private partnerships through as I say, development, there may be techniques which can happen relatively quickly, but that that needs to be in a significant element of conversation going forward.
Carlo Scissura 43:26
Right. You know, I feel like it particularly with the announcement of the of this major capital plan and the projects and I think LaGuardia is a perfect example of when people started taking it seriously that they were really happening and change was coming. So your momentum was really moving forward in such a great way and we all felt it right. We've been on the tours we felt it. I think you are on the circuit, Rick more than anyone else. I can think of talking about the plan. In the excitement, and we've stopped, right? How does the port get that mojo back in them? How do we, and what can we do to help you? What can the contractors, the engineers, the design professionals do to spread the word that you know what you're doing is there and let's keep it moving?
Rick Cotton 44:21
Well, I would, I'm tempted to start out by saying call your representative call your senator -
Carlo Scissura 44:27
Particularly Republican senators!
Rick Cotton 44:33
But we just have to work together. We will, we will demonstrate. It's gonna be a challenge. We will demonstrate at the two major construction projects that are going LaGuardia, terminal one at Newark, we will demonstrate what could be the future and I think we need to, we need to spread that word which is that it is it is of enormous value, the region will recover. There's no question. It's hard in the fog of war, it's hard in the moment to not feel huge levels of concern. I think many people up analogize 911. It's a terrible memory. But the concern coming out of that in terms of what the challenge was, I have to say every time I have gone to work, I'm currently working remotely, but you walk onto the World Trade Center campus, and it is it is a testament to, to recovery and to what the region is, is capable of.
Rick Cotton 45:50
What we have to do is it but it has to be fast, it has to be speedy. And so I think that all of our voices need to be focused on In the future, and the question is what can we do to speed the recovery? It's one of the reasons I'm being as outspoken as I am in terms of the need for Washington to step up with respect to this hole that's been blown in the port authorities revenues, yes, we're normally self sufficient, that's a good thing. But at this particular moment in time when the region needs and the nation needs as strong a recovery as possible, now is not the time to leave the Port Authority in particular out but not to step up in terms of stimulus to enable the Port Authority to be a major part of the recovery and to have confidence in that recovery.
Rick Cotton 46:47
You know, the, the main thing we have to fear is fear itself and the region will recover, it can recover quickly. There will be a vaccine there will be therapeutic treatments. And we have to be in a position to take advantage of that. And one of the ways we can take advantage of that is to have 21st century transportation facilities and it is to have engaged construction financing and stimulus right now, as the recovery begins.
Carlo Scissura 47:21
We agree and, you know, I think I've said this to you, in private, the number one priority right now, other than, of course, health and safety, because that's a given. But for the building Congress is federal stimulus money. In terms of infrastructure investment in the New York Region. I plan to put my mask on and head down to Washington after June 8, which is when they're supposed to be reopening the capital and the buildings and make a personal pitch. We've been in touch with people on the hill constantly about it. And you know, the It's very clear investing dollars in capital infrastructure brings back an incredible return.
Carlo Scissura 48:07
I would be remiss if I did not thank the airlines, because they are an incredible partner in everything that you do at the port, and really are helping build an incredible region. And I know we have our friends from Delta, and from American on on the line. And I think Patti and Paulina in particular, I dealt and what they're doing at LaGuardia is clearly incredible vision, an incredible moment in time, how an airline, city and government an entity like the Port Authority could move forward. So thank you both for really all the work you're doing.
Rick Cotton 48:54
I would certainly echo that. Carlo. You can see who's on the line. I can't.
Carlo Scissura 48:59
I know If you notice, my eyes are looking, I'm being a little sneaky here, Rick, I like to, I like to play to the audience. You know, they teach that in law school!
Carlo Scissura 49:11
So I really I want to end here and I want to say thank you for it. But what I like to do at the end of these is just say, Have you have you ordered from any special restaurant in your neighborhood or you want to give a shout out to anybody in particular, that we should be supporting? Obviously, now's the time to do so.
Rick Cotton 49:30
Well, I I would have to come back to a shout out to the employees of the Port Authority who are are on the frontlines. They have been stalwart they have, they have carried the agency through and as you just said, our partners were there to work hand in glove with the clients. We're there to work hand in glove with our private terminal operators. we're handing who works hand in glove with our with our concessionaires. The fact is, the airports are a community. There are literally hundreds of companies, hundreds of employers there 10s of thousands of workers, and the none of our transportation facilities could function without our part our business partners and without their employees and without our employees. So I think we all we all certainly within the transportation sector, great, great debt of gratitude to all of them.
Carlo Scissura 50:40
They're great. On that note, thank you, Rick Cotton, Executive Director of the Port Authority, obviously, whatever you need count on our support. We are with you and the team 1,000%. Thank you again to Governor Cuomo for really keeping us focused and obviously put the investments in the capital plan and thank you to our sponsor the Velez Organization.
Carlo Scissura 51:04
We will see you next week, and we'll be announcing our guests very shortly. Have a wonderful day everybody stay safe thanks
