NY to Get Up to $1.6B Loan From Feds for TZ Bridge

ALBANY, NY-New York Gov. Andrew Cuomo announced on Thursday that the state will receive up to $1.6 billion in federal low-interest financing for the new Tappan Zee Bridge.

New York State had applied for financing under the US Department of Transportation's Transportation Infrastructure Finance and Innovation Act program. Gov. Cuomo said the federal government has committed to offer financing for a third of the projected $3.9-billion project cost--the maximum allowable under the program. The award is the largest TIFIA award ever.

"Approval of New York State's request for this loan is great news for the tens of thousands of commuters who depend on the Tappan Zee every day, for communities in the Lower Hudson Valley, and for our entire state," Governor Cuomo said. "This is a huge win for New York State, creating thousands of jobs, and an endorsement of one of the most ambitious infrastructure projects in our history. It shows that despite over a decade of delay, New York can continue to build big. I thank Secretary of Transportation Anthony Foxx for his hard work helping New York secure this loan."

Earlier this week S&P lowered the New York State Thruway Authority's credit rating to A due in part to the uncertainty of the bridge financing and the question of how much low-cost TIFIA funding would be forthcoming. The existing Tappan Zee Bridge will be demolished as part of the new bridge project.

Formal construction on the new span began two weeks ago with the installation of the first permanent piles that will comprise the foundation of the new bridge. The bridge is scheduled to be completed in under five years.

The bridge is being designed and built by Tappan Zee Constructors, LLC, a consortium of Fluor, American Bridge, Granite, and Traylor Bros., along with design firms HDR, Buckland & Taylor, URS, and GZA. TZC is working closely on the project with the New York State Thruway Authority and the State Department of Transportation.