Funding Challenges Continue for Tappan Zee Bridge Construction Project

The New York Thruway Authority already has $5 billion in outstanding debt as well as an outstanding union contract producing financing challenges for the bridge across the Hudson River

Bloomberg Business

Even though the New York Thruway Authority has started construction on the $4 billion Tappan Zee Bridge replacement, the agency does not have a secured funding source. The agency is already $5 billion in debt and has not disclosed plans on how it will pay for the bridge. In his proposed 2016 budge, Governor Andrew Cuomo has suggested spending $1.3 billion from an almost $6 billion in legal settlements with banks to help ease the authority's fiscal woes. The authority has already issued $1.6 in junior bonds for the bridge which will be repaid by a federal loan, but the authority still only has about half the funds needed to build the new bridge.

(more on the Tappan Zee Bridge construction funding woes...)