Tappan Zee Bridge

Using a federal loan to finance $2 billion of the cost of the Tappan Zee Bridge could delay construction work significantly, warns trade journal Project Finance today. Trading time for a low interest rate might save money, but it puts the lie to the Cuomo administration's claim that adding transit would unacceptably slow the Tappan Zee project.

As part of an application for a $2 billion federal loan to help pay for a replacement Tappan Zee Bridge that would double the width of the current bridge, the Cuomo administration has put forward a new and much-higher estimate of the project's cost: $6 billion. That's $800 million higher than previous press reports had stated, and $1.4 billion more than the state put forward in its draft environmental impact statement. The loan application also suggests that the administration will use toll revenues to repay the feds, meaning potentially huge toll hikes for Tappan Zee drivers without providing any effective transit option as an alternative.

New York State is on the verge of undertaking one of the largest transportation projects in the nation: the replacement of the Tappan Zee Bridge. Over the course of 10 years and 280 public meetings, Hudson Valley residents, business owners, elected officials and environmental advocates built a consensus that transit was a vital component of the Tappan Zee Bridge project.

Time was, the public outreach for the new Tappan Zee Bridge included five different Stakeholders' Advisory Working Groups. Each let interested parties dig deeper into issues like the environmental impact of the bridge or how the new transit service might affect development.

Until last fall, the state's planning for a new Tappan Zee Bridge was a model of public outreach. It included over 280 public meetings and one outreach center open full-time on each side of the bridge.

How does Andrew Cuomo plan to pay for the new Tappan Zee Bridge? The state isn't saying -- and it isn't letting the public weigh in, either.

“Rate shock” was the name given to the electricity industry’s financial crisis in the 1970s and 1980s, when utility company finances buckled under the weight of escalating nuclear power costs. Not only were the costs of the nukes spiraling out of control, but the electricity rate hikes required to pay for them caused energy use to flatten, as customers pinched by the high rates were forced to conserve. Facing higher costs but flat sales, the utilities made up the difference with further rate hikes, until their customers rebelled, the dividends stopped flowing, and utility investors lost billions.

The Cuomo administration's plan for an extra-wide, transit-free Tappan Zee Bridge is exactly the kind of project that New York state's smart growth law is supposed to prevent.

The Cuomo administration's plan for the new Tappan Zee Bridge, described in yesterday's draft environmental impact statement, is more than a missed opportunity to provide New Yorkers with faster and greener commutes using transit. It also foreshadows a potential environmental disaster, as the state prepares to spend huge sums on a span that can funnel much more traffic than the current bridge.