LoHud; Joseph Spector, TJN3:03 p.m. EDT June 16, 2014
The state’s Environmental Facilities Corp. said today it will loan up to $511 million to the new Tappan Zee Bridge project, a move that will help with the financing of the $3.9 billion project.It’s the latest effort by the state to fund the bridge and limit toll increases when the new 3-mile span across the Hudson River is completed in 2018.“As we continue to see progress on the New NY Bridge, it is essential that actions are taken to protect wildlife and address the project’s environmental impacts – but in a way that doesn’t overburden taxpayers and drivers,” Gov. Andrew Cuomo said in a statement obtained by Gannett.
The loan, which is financed through federal aid, will be used for environmental protection and Hudson River restoration projects related to the bridge’s construction. The projects include protecting water quality and marine life in the Hudson River estuary, including endangered sturgeon, oyster beds and other habitats.The loan comes through the EFC’s Clean Water State Revolving Fund. State officials said it won’t impact other projects.It’s the newest loan for the project. The largest loan, $1.6 billion, was announced last year by the federal Department of Transportation.
With the low-interest loans, state officials said it will help keep tolls down on the new bridge, which is being financed through the state Thruway Authority. The round-trip toll on the current bridge is $5, but there have been concerns that it could go as high as $14 on the new bridge.The Thruway Authority will need to approve the loan and is expected to start using it in August, state officials said.The Environmental Facilities Corp. is the financing arm for the state to provide low-interest loans to local governments and agencies for drinking water, wastewater infrastructure and other clean-water projects.Last year, EFC financed close to $2 billion in clean-water investments statewide, a news release from Cuomo’s office said.