Officials say an agreement has been reached for the federal government to pay for half of the $20 billion Gateway Tunnel Project. New York and New Jersey will split the cost of the other half.

Under the agreement, an entity will be created within the Port Authority of New York and New Jersey. Gateway Development Corporation will coordinate the project and be controlled by a four-member board with representatives from both states, Amtrak and the U.S. Department of Transportation.

Sen. Cory Booker, a large supporter of the project, says that the groundbreaking is at least a year away. The tunnel could take at least 15 years to complete.

The century-old rail tunnel used now by Amtrak and New Jersey Transit is deteriorating and was damaged by Hurricane Sandy.