NEW YORK (CBSNewYork/AP) — The Port Authority of New York and New Jersey on Thursday said it has reached an agreement for a lease on a park-and-ride lot near the Lincoln Tunnel, which once went for $1 a year.

Authority chairman John Degnan on Thursday said a tentative agreement has been reached with New Jersey Transit. The lease will pay the Port Authority $875,000 per year if it receives final approval from both agencies.

As WCBS 880’s Peter Haskell reported, the deal struck some as odd at the time. The North Bergen parking lot being leased by NJ TRANSIT for more than $900,000 a year was being extended for $1 per year.

The land was owned by the Port Authority, and then-agency chairman David Samson voted for the deal.

Word then came out that Samson’s law form was representing NJ TRANSIT.

The renegotiated leas will also call for yearly increases, Haskell reported.

A spokeswoman for NJ Transit confirmed the tentative agreement and said details are being worked out.

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