The New York State Thruway Authority Board of Directors unanimously approved $500 million in short-term bonds to help begin construction of a new Tappan Zee Bridge, while it waits for the federal government to approve a critical loan request.
The $500 million, which expires at the end of July, will cover costs over the next six months to ensure that the $3.1 billion project has sufficient funding and can move forward.
Last year, the state applied for a portion of $17 billion in low-interest loans that the federal government was issuing through the Transportation Infrastructure Finance and Innovation Act (TIFIA), a program to aid repairs to aging infrastructure.
The state is hoping to be on the agenda for the next U.S. Department of Transportation”™s Credit Council meeting in February. That department reviews requests for federal loans from states.
Dan Weiller, a spokesman for the Thruway Authority, said it has been receiving encouraging news and expects to receive a loan from TIFIA.
In December, the Thruway Authority said it was hopeful that federal loans would cover at least 33 percent of the cost of the bridge.
The project would deliver 45,000 jobs to the region. The construction industry has been losing jobs since the recession.
