Editorial
Editorial: Tappan Zee funding still a mystery
Photo credit: Faye Murman | A view of the Tappan Zee Bridge at sunset from the Hudson River Walk in Tarrytown. (Dec. 3, 2012)
The rush to replace the Tappan Zee Bridge shows few signs of slowing as the New York State Thruway Authority seeks to borrow $500 million to get its photo-ready shovels in the ground early this year.
The bonding plan announced last week follows the selection of a builder in December and the rapid sign-off of that contract by state Comptroller Thomas DiNapoli. Each move lessens the likelihood that Gov. Andrew M. Cuomo's signature project will stall before the heavy lifting begins.
The short-term borrowing, however, highlights what could be the Achilles' heel of the project -- there's still no funding plan in place to pay for the new span, pegged at $3.1 billion.
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The Cuomo administration is waiting on a federal loan from the U.S. Department of Transportation that could cover up to half of the construction costs. If it's authorized, the $500 million would be repaid from the loan.
New York is likely to get the loan, but the "if," "when" and "how much" hover over this project like a dense Hudson River fog.
The state and federal government are clearly working on different timetables -- and that could hurl bridge-rattling gales at the project's strict schedule, which includes an abbreviated four-month dredging season set to begin in August.
Cuomo has said this bridge will get built regardless, though a financial plan, with details on potential toll hikes, appears far off.
