The state Thruway Authority and the U.S. Department of Transportation today closed on a $1.6 billion low-interest loan to build a new Tappan Zee Bridge, Gov. Andrew Cuomo announced today.
The state is planning to spend $3.9 billion to build a new bridge across the Hudson River between Rockland and Westchester counties. The bridge, the largest construction project in the country, is expected to open in late 2018.
“The closing of this historic TIFIA loan from the federal government is yet another milestone in our journey to build the New NY Bridge,” Cuomo said in a statement. “After more than a decade of delay, we have worked closely with the federal government to move this project forward at a dramatic pace with an unprecedented level of transparency and community involvement.”
The TIFIA loan has been critical for the project. The state is receiving a 3.89 percent interest rate.
The federal loan comes a day after the closing on the sale of $1.6 billion in five-year bonds by the Thruway Authority.
Construction on the so-called “New NY Bridge” began in October.