The project to build a new Tappan Zee Bridge is one step closer to receiving a $1.5 billion federal loan.
Gov. Andrew M. Cuomo announced March 9 that the loan process is moving forward, as part of the Transportation Infrastructure Finance and Innovation Act (TIFIA). If the loan is approved, it will lower any potential toll increases.
The U.S. Department of Transportation (DOT) will conduct a credit review of the project prior to finalizing the TIFIA loan. As part of the next step of the TIFIA process, New York state is required by U.S. DOT to pay $100,000 for financial advisors to review the project.
In addition to the potential funding from the TIFIA loan, the state continues to seek additional financial support to reduce costs from federal, state and local sources, and will use the Toll Task Force to identify alternative financing sources and keep tolls low.
The Toll Task Force will examine a series of options to keep tolls low once the final financing on the project has been established, including expanding discount programs, seeking financial mechanisms that lower the cost of credit and borrowing, and ensuring any increase in tolls on the bridge goes solely to the bridge and regional transportation.
The new Tappan Zee Bridge will include eight general traffic lanes plus emergency lanes and extra-wide shoulders for immediate express bus service, and will be transit-ready for bus rapid transit, light rail or commuter rail.
