BRIDGES: New Tappan Zee receives largest TIFIA loan in history

The U.S. DOT has officially thrown money at the New Tappan Zee Bridge. It’s quite a big wad, too.

The transportation chief approved a $1.6 billion loan, making it the largest in the history of the Transportation Infrastructure Finance and Innovation Act (TIFIA).

On Oct. 31, Rep. Nita Lowey (D-N.Y.) wrote a letter to the U.S. DOT asking the agency to expedite the loan process.

“This is a huge milestone for the construction of the New Tappan Zee Bridge, a critical link in our region’s infrastructure system and lifeline for commuters and businesses,” Lowey said in a statement. “I am excited that the DOT has approved the largest ever TIFIA loan for a transportation project and that the work on a new bridge can continue to move forward.”

Construction of the span began last week, but Westchester County (N.Y.) Executive Rob Astorino pointed out there are more funding hurdles on the horizon.

“The next step is how do we finance the rest of the bridge and the mass-transit improvements to and from the bridge, while keeping tolls as low as possible,” he said.