Community Corner

New Tappan Zee Bridge Secures Largest TIFIA Loan Ever

Gov. Andrew Cuomo on Thursday announced the closing on an "historic" $1.6 billion low interest loan toward the largest bridge and highway project on the continent.

The $3.9 billion cost of the new Tappan Zee Bridge will be partially funded through the highest loan ever awarded by the federal Transportation Infrastructure Finance and Innovation Act. 

A $1.6 billion low-interest loan has been negotiated for the new NY bridge, Gov. Andrew Cuomo announced Thursday.

The loan is $700 million larger than any other project has ever received. 

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Fitting, for a project that is, according to the Governor's press release:

the largest highway and bridge project in North America, one of the largest construction contracts in New York State history, and one of the most ambitious infrastructure projects the state has undertaken in decades.

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“The closing of this historic TIFIA loan from the federal government is yet another milestone in our journey to build the New NY Bridge,” Cuomo said. “We are fully committed to seeing this project through on time and on budget, while limiting the impact on both toll payers and taxpayers.”    

The terms of the loan stipulate that the Thruway Authority "will not begin to draw on the proceeds until early 2019, and will not make any repayments until five years later."

Congresswoman Nita Lowey (D-Westchester/Rockland), the senior Democrat on the House Appropriations Committee, had pushed for fast-tracking this loan's approval by the Department of Transportation in October.

“This is great news that will create momentum in 2014 for this major job creator and infrastructure project. It’s yet another big step forward in the construction of a New Tappan Zee Bridge, a critical link in our region’s infrastructure system and lifeline for commuters and businesses,” Lowey said. 

Follow Patch's ongoing coverage of the bridge construction project at http://tarrytown.patch.com/news/tappan-zee-bridge


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