Less than two weeks after reports that the interest rate on TIFIA loans was up almost one percentage point over a six month period, the Associated Press reported over the weekend that, according to state documents and interviews, Governor Cuomo’s “plan to replace the aging Tappan Zee Bridge has quietly hit financial uncertainties that could shift more of the $3.9 billion cost to motorists and taxpayers statewide, with the possibility of far higher tolls than the $14 originally predicted.”
Despite it being a clear requirement in the TIFIA Program Guide, the AP notes that a big sticking point in securing financing is the Thruway Authority’s omission of a detailed financial plan, as well as a considerable amount of current debt that has already led to a negative credit outlook from both Moody’s and S&P.
As Tri-State has noted before, if the state does continue to have trouble financing Governor Cuomo’s signature public works project, it must not redirect funds from the MTA Capital Plan (as it has done before) or other transportation projects to make up for shortfalls on the New Tappan Zee Bridge project.
Moreover, this further supports the need for the state to commit to a robust BRT system that can be implemented in stages, with key improvements in effect for the first day the bridge opens. Not only will a transit option provide drivers with a viable alternative to $14+ tolls but transit is the most sustainable solution to the I-287 Corridor’s very real congestion problems.
[…] Layoffs Continue as Concern Grows About Tappan Zee TIFIA Loan (MTR, […]
Is there any hope that Cuomo would just build a single span instead of two?
Forget BRT. Standard rail with regular interval, same time every hour with fares and schedules coordinated with the local bus service will attract more riders at a lower cost. This encourages 2 types of connectivity, bus with rail and bus with bus at the transfer nodes. Light rail can handle any grades that interstate trucks and standard rail probably can handle at least 2.5 percent if not more depending mostly on braking capacity.
[…] financing documents suggest motorists could be hit with a $14+ toll and that paying for the bridge might have to come from other state sources and higher interest […]
I have found BRT to be a dismal failure in over a dozen place where I have ridden it. It is slow & inconsistent.
Standard Rail with 1 seat into NYC and intermediate stops id the way to go.
The only way. This is a once in a century opportunity to build this bridge properly with Mass Transit.
The State of New York should not screw it up.
How much potential funds were eliminated by deleting the rail freight lower deck component on the replacement TPZ project?
A pity that the region lacks a comprehensive pro transportation advocacy group rather than those pretend organizations that surrendered to a few princess atop a pea types in Nyack?