No Tricks, and a Treat: TIFIA Loan Approved

Courtesy of the New NY Bridge

Courtesy of the New NY Bridge

Governor Andrew M. Cuomo today announced the federal government said “YES” to up to a $1.6 billion low interest loan for the bridge replacement project.

This amount is the largest in TIFIA (Transportation Infrastructure Finance and Innovation Act) loan request history — and secures key financing for the project. More than one year ago, the New York State Thruway Authority requested a $1.5 billion loan; days earlier, Standard & Poor’s downgraded the agency’s long-term bond rating from A+ to A due to concern about potential toll increases.

Its application approved, the state can move forward with the $3.9 billion project.

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.

I’d like to know what you think.

Copyright © Janie Rosman and Kaleidoscope Eyes 2013

1 comment so far

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