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United States Department of Transportation United States Department of Transportation

New NY (Tappan Zee) Bridge Replacement

New NY Bridge Replacement - Tappan Zee
Alternate Project Name
Tappan Zee Bridge, New New York
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Retired
Sponsor/Borrower
New York State Thruway Authority (NYSTA)
Project Description

The project is the replacement of the nearly 60-year-old Tappan Zee Bridge, called the "New New York Bridge," carrying I-87/287 over the Hudson River between Westchester and Rockland Counties, approximately 20 miles north of New York City.

The New New York Bridge is being built alongside the existing bridge, and bi-directional traffic will be rerouted to the new westbound bridge span, while the new eastbound span is being completed. The demolition of the existing bridge and construction of the new eastbound span will happen concurrently at the end of the project.

The new tolled bridge is a dual-span twin bridge with eight lanes, four emergency lanes, a dedicated commuter bus lane, and a bicycle/pedestrian path. The bridge is being designed to accommodate future transit plans, which include bus rapid transit, light rail, or commuter rail.

The TIFIA loan will reduce the project’s interest cost and thereby relieve pressure on the debt capacity of the System as a whole.  The difference in interest cost between the TIFIA Loan and the alternate short-term debt the Thruway Authority incurred for this project is approximately $10 million in savings per year for over 35 years.  According to the Project, the project is expected to address structural deficiencies, safety concerns, and allow for future economic growth in the region.  For example, the project estimates annual travel time savings at $350,000. The Thruway Authority is passing these savings on to the traveling public by keeping future bridge tolls lower than without the TIFIA loan.

In November 2019, the project sponsors repaid their TIFIA loan in full.

Project Details
TIFIA Assistance
$1600.00M
Primary Revenue Pledge
Project Revenues
Project Cost
$4979.00M
Fiscal Year Closed
FY2014
Duration/Status
The design-build contract was awarded to Tappan Zee Constructors in January 2013. Dredging for the new bridge began in August 2013 and both spans are expected to reach substantial completion in 2018. In November 2019, the project sponsors repaid their TIFIA loan in full.
Funding Sources
TIFIA Loan: $1.6B
Thruway Capital Program: $42M
Pay Go Revenue During Construction: $290M
Toll Revenue Bonds and Notes: $3.047B
Project Delivery/Contract Method
Design-Build
Project Participants
Design-builder: Tappan Zee Constructors, LLC, Fluor Enterprises, Inc. , American Bridge, Granite Construction Northeast, Inc. , Traylor Bros., Inc. , HDR
Project Advisers/Consultants
To New York State Thruway Authority:

Ernst & Young Infrastructure Advisors LLC -- Financial Advisor
Public Resources Advisory Group - Financial Advisor
Acacia Financial Group - Financial Advisor
Harris Beach PLLC - Legal Advisor
Jacobs Civil Consultants - Traffic and Revenue Consultant
To USDOT TIFIA JPO:

TIFIA Legal Advisor: Nixon Peabody, LLP
TIFIA Financial Advisor: Scully Capital Services, Inc.
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $1.6 billion. The TIFIA loan will be repaid from NYSTA system revenues.
Financial Status
TIFIA credit agreement was executed in December 2013. Interest payments are set to begin in 2023 with principal payments to begin in 2025; final loan maturity is expected to occur in 2053. In November 2019, the project sponsors repaid their TIFIA loan in full.
Innovations
The environmental approval process took 10 months instead of the usual multi-year process because it was fast-tracked as a "High Priority Project" by the Obama Administration.
Application Details
Applicant
New York State Thruway Authority
LOI Fiscal Year Received
FY2013
LOI Received Date
Application Received Fiscal Year
FY2013
Credit Agreement Executed
Initial Eligibility Review
Review complete
Creditworthiness Review
Review complete
Application Review
Review complete
Estimated Project Cost
$4959.00M
TIFIA Request
$1600.00M
Instrument Type
Direct Loan