Tappan Zee Project: Governor Announces USD 500 Million in EFC Loans
- Business & Finance
Governor Andrew M. Cuomo said yesterday that the New York State Environmental Facilities Corporation (EFC) will make up to $511.45 million in low-cost loans to the New York State Thruway Authority for environmental protection and Hudson River restoration projects related to the New NY Bridge project to replace the Tappan Zee.
Along with the $1.6 billion Transportation Infrastructure Financing and Innovation Act (TIFIA) loan last year from the U.S. Department of Transportation, the EFC loans will help keep tolls on the new bridge as low as possible.
The loans will be made from EFC’s Clean Water State Revolving Fund (CWSRF), which is used to support construction expenses that align with the environmental standards including those outlined in the New York-New Jersey Estuary’s Comprehensive Conservation and Management Plan.
The EFC loans will go toward environmental projects that will protect water quality and marine life in the Hudson River estuary, including protection of endangered sturgeon, oyster beds and other habitats, during and after construction of the New NY Bridge.
Environmental projects to be financed through EFC and the CWSRF include:
– Restoration of Piermont Marsh;
– Oyster bed restoration;
– River bottom armoring;
– Stormwater treatment at landings;
– Underwater noise protection (bubble curtains) during pile driving;
– Dredging and mound removal;
– Dredge material disposal;
– Removal of the existing bridge;
– Shared use path for pedestrians and bicycles;
– Endangered Peregrine Falcon nest box relocation;
– Net conservation benefit plan (Atlantic sturgeon);
– Channel Restoration of Gay’s Point.
Press Release, June 17, 2014