Cuomo: NYS Takes Next Step to Tap $1.5B Tappan Zee Loan
New York State has entered the next stage to secure a $1.5-billion federal loan for the Tappan Zee Bridge replacement project, Gov. Andrew Cuomo announced March 8. The state, which is seeking a low-interest loan to help finance and lower bridge tolls for the $3.9-billion project, had applied for a $2-billion loan under the U.S. Dept. of Transportation's (DOT) Transportation Infrastructure Finance and Innovation Act (TIFIA) program.
The NYS Thruway Authority awarded the design-build contract last December to Fluor-led consortium Tappan Zee Constructors, which bid $3.142 billion for the project.
In his March 8 announcement, Cuomo said the anticipated TIFIA loan would lower tolls to below prior projections and that the state will continue to seek additional financial support for the project. DOT is expected to conduct a credit review of the project prior to finalizing the loan. Under the process, NYS is required to pay $100,000 for financial advisors to review the project, Cuomo said.
Construction is expected to start on the project, also referred to as the new New York Bridge, this year. The Thurway Authority, Tappan Zee Constructors, NYS Dept. of Labor and the New NY Works Program held employment forums in Rockland and Westchester counties in February and earlier this month.