NY Gov. Anticipating $1.5 Billion Tappan Zee Loan

by Associated Press
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Claire P, flickr

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.

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