Originally built during the Korean War, the Tappan Zee Bridge is in need of replacement. The structure is old and requires a number of upgrades – much like Cincinnati’s Brent Spence Bridge. The State of New York was in need of financial assistance to get the $4 billion project moving (sound familiar?). That assistance came last week when the Federal Government announced a $1.6 billion loan for the project, thus ensuring its completion within five years. More from Engineering News Record:
New York Gov. Andrew Cuomo (D) made the announcement Oct. 31, calling it “the largest loan the U.S. Dept. of Transportation has ever made for any project like this.”
The loan was made through the DOT’s Transportation Infrastructure Finance and Innovation Act (TIFIA) program. Established in 1998, TIFIA has ramped up its lending recently, spurred by last year’s Moving Ahead for Progress in the 21st Century Act (MAP-21). The DOT also began taking steps earlier this year to speed up the TIFIA loan approval process.