Skip to main content

NY Gov. Anticipating $1.5 Billion Tappan Zee Loan

NY Gov. Anticipating $1.5 Billion Tappan Zee Loan
by
The governor says the loan means tolls on the bridge will be "below all prior projections."

 

 

Gov. Andrew Cuomo says New York is close to receiving a $1.5 billion federal loan to help build the new Tappan Zee Bridge.

The state had been hoping for as much as $2 billion toward the $3.9 billion span in the New York City suburbs.

But the governor said Friday the loan means tolls on the bridge will be "below all prior projections." One projection had entailed a $14 toll.

A bigger federal loan, with guaranteed low interest rates, would mean less pressure to raise tolls to pay back higher-interest bonds.

Cuomo says the state is still seeking options to keep tolls low.

He said the federal loan can't be finalized until the U.S. Transportation Department completes a credit review.

Up to 170,000 vehicles cross the bridge every day.