Moving Ahead, One Process at a Time

Construction machinery near the westbound span of the Tappan Zee Bridge/Courtesy of Blair Johnson

Construction machinery near the westbound span of the Tappan Zee Bridge/Courtesy of Blair Johnson

Its creditworthiness review completed, the US Department of Transportation invited New York State to formally submit a TIFIA (Transportation Infrastructure Finance and Innovation Act) loan request for the New NY Bridge — another step forward for the estimated $3.9 billion project.

“We’re in constant contact with USDOT regarding a TIFIA loan for the New NY Bridge project,” Thruway Authority Director of Media Relations & Communications Dan Weiller said in a statement. “We’re making progress every day, and we are on track to receive significant TIFIA support.”

Project cost shares eligible for TIFIA coverage were previously limited to 33 percent, according to Federal Highway Administration spokeswoman Nancy Singer.  If the bridge replacement project is being advanced through the review process based on that percentage, then 33 percent of $3.9 billion is $1.287 billion.

For updates, please refer to the TIFIA website.

Earlier this month, the Thruway Authority borrowed $700 million to help with short-term financing for the project.

I’d like to know what you think.

Copyright © Janie Rosman and Kaleidoscope Eyes 2013

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