Officials at the Port Authority of New York and New Jersey are working on plans for a new bus terminal in New York City.

The current bus terminal was built in 1950 and is unable to handle the amount of commuters that use the terminal today. More than 100,000 commuters from New Jersey use the terminal daily and thousands more come from the surrounding areas.

Port Authority officials met with New Jersey lawmakers Tuesday in Fair Lawn to discuss the project and the agency's capital plan.

"It's clear to me that we will not be able to do all of the projects that we would like to do based on the projected revenue," says Port Authority Chairman John Degnan. "Some hard decisions are going to have to be made."

The terminal project is already on its way, with a design competition already in the works. Officials say that they want to have the new terminal's concept designed by September. Then a location will have to be found.

New Jersey state Sen. Paul Sarlo questioned Chairman Degnan on how fast the agency will be able to find a location for the terminal. Degnan says anywhere from seven-10 years.

"The last thing we want is the millennials who love mass transportation to become senior citizens and never use this," says Sen. Sarlo. "I think we all have to be vigilant and keep the pressure on the Port Authority."

The new bus terminal project does not have a set budget just yet.

The Port Authority wants the public to weigh in on the terminal design. A survey can be found on the Port Authority website.