TRENTON – The Economic Development Authority on Tuesday approved a $40 million bond for Continental Airlines to build a new facility.
The airline, which is merging with United Airlines, seeks to build a 90,000-square-foot airplane hangar on Brewster Road in Newark that would hold several wide-body planes, such as the Airbus 350-1000, the Boeing 747-300, and the Boeing 777-300ER, among others.
The airline leases the site from the Port Authority of New York and New Jersey, and that is expected to last until 2039, according to the application.
The project will help create some 11,000 jobs, according to the applicant.
The EDA has long supported Continental, for which Newark Airport is its second largest hub. In 1999, the Authority approved a $730 million bond for its Global Gateway expansion project, which consisted of expanding the airline’s Terminal C to add more gates, retail space, and Customs facilities, among other things.