Port Authority Bus Terminal in NYC to Be Rebuilt?

It's been years since I took a bus through NYC's Port Authority Bus Terminal, decades in fact. My memories are dim, and not very favorable. It's even worse than Penn Station, and that's pretty bad.
But the Port Authority is planning to renovate it or even replace it. This particular statement struck me in a NYTimes article:

David Samson, the Port Authority chairman, said the plan would position the terminal— which with 225,000 travelers a day, is the world’s busiest bus hub, according to the authority — as a “world-class facility.”

The world's busiest bus hub! That's something, and we know that NONE of the 1% travel through that terminal. 
A world-class facility, by all means.
A world-traveling friend of mine, Eddie Reynolds of Ireland, Austria, and Hong-Kong, tells me that NYC's been living on its laurels for too long. It's still a world-class town, but its authority and luster are diminishing by comparison.
They better get on it.