Feds: No $2 Billion Loan For Tappan Zee Bridge This Round

State hoped for national funding; will have other chances

A $2 billion federal loan that could help finance building a new Tappan Zee Bridge will not be coming through, at least this time around—New York State was not invited to apply for the national funds, and was placed on a shortlist, instead.

The hefty sum would have covered about one-third of the span's $5.2 billion price tag. Patch first learned of the news through the Federal Highway Administration's website, and later confirmed the posting with transportation officials.

The money is part of a larger pot of TIFIA (Transportation Infrastructure Finance and Innovation Act) loans, of which the Tappan Zee project does not presently have access to. The state will have another shot at securing TIFIA funds for the project later this year, when the new transportation budget is authorized.

"The DOT received 26 Letters of Interest (LOIs) seeking more than $13 billion in credit assistance to finance approximately $36 billion in infrastructure investment across the country," officials wrote Thursday of TIFIA funds.

Projects that do qualify for TIFIA loans are located in Virginia, Texas, California, and Colorado. New York State can reapply later this year on behalf of the Tappan Zee Bridge.

Thomas Madison, executive director of the New York State Thruway Authority, says the news is not discouraging.

"We are very pleased that the Tappan Zee has been placed on a shortlist of six projects that will undergo an expedited review process for funds immediately after federal transportation reauthorization," he said Thursday. "We understand that in light of current financing constraints, the USDOT has prioritized smaller projects that are further along in development and required immediate financing in this first round."

The Tappan Zee project is one of a handful of infrastructure overhauls across the nation that were by president Barack Obama last year.

Other funding options for the project have been hazy, with selling toll-backed bonds and hiking up toll fares suggested.

The United State Department of Transportation had no comment on the loan's denial as of noon Thursday.

Resident of Rockland and Westchester have for months now, noting a bridge without rail and bus is not one worth building.

If the state includes mass transit, the pricetag would swell to about $16 billion, state officials have said.

Earlier this week, residents of Salisbury Point Cooperative—an apartment community at the foot of the current span in South Nyack—met to . Homeowners noted construction would likely decrease their quality of life, create unwanted noise and disturb creatures in the Hudson River.

Riverkeeper, a Hudson Valley non-profit that acts as an environmental watchdog, has stated they're over ecological concerns. The Atlantic sturgeon, an endangered fish, makes its home under the span.

Currently, the state is spending millions of dollars on tests preparing for construction. "The smart early work is underway," said Madison in March. Workers are installing test piles to determine what loads the final piles can bear.

Congressional staffers in Washington, D.C., today said the issue that seems clear from this round of approved projects is that there was not enough money immediately available for the Tappan Zee Bridge project. The projects that have been selected total about $1.6 billion—whereas the Tappan Zee request was for $2 billion.

In a statement issued this afternoon, U.S. Sen. Charles Schumer (D-NY) and U.S. Sen. Kirsten Gillibrand (D-NY) said the federal announcement does keep the door open for the new Tappan Zee bridge.

"The Senate transportation bill that passed with a large bipartisan majority makes a significant investment in the TIFIA program," their statement said. "If the House agrees with that investment, the Tappan Zee has a good chance of being approved, and we hope the House will agree."

Rockland County Executive C. Scott Vanderhoef said today's announcement was disappointing and it adds more uncertainty to the bridge project.

Walt April 28, 2012 at 02:00 PM
Nice try, deflect and distract. Straight out of obama 101. Can't you answer a direct question?
Walden Macnair April 28, 2012 at 05:05 PM
Walt, Do you mean to say that the President is campaigning for re-election? My God!!! I'm sure no Republican would do that. Oh wait, Now I remember, George H and George W did the same thing. Oh well, if the Bush boys did it, it must be okay.
Walt April 28, 2012 at 07:25 PM
Walden, I have no problem with obama campaigning, just use money from his billion dollar war chest to do it. I'm also fully aware that past Presidents have campaigned while "traveling on official business" but it is done as an add on to whatever business they are in town for. obama's latest trip was done for one reason and one reason only, to campaign in battleground states and attempt to get support from college age voters. To me it simply highlights his arrogance toward the American people because their wasn't even an attempt to make the trip look official and even more frightening is that the MSM once again lets him get away with it without any criticism.
johnmartin October 23, 2012 at 12:30 PM
$2 Billion is not a small amount of money. $2 Billion loan is very big loan; generally these loans are used for establishing any business or reestablishing any business. The process of loan disbursement would be also very critical and difficult. http://www.paydayau.com.au
Teena Reed November 08, 2012 at 12:36 PM
The upper management people of the Tappan Zee project must think about the loan policies of Transportation Infrastructure Finance and Innovation Act, before applying for the big loan. http://www.paydayin1hour.co.uk


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »