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Project Profiles

New NY Bridge (Tappan Zee Bridge Replacement)

Location

Westchester to Rockland Counties, New York

Project Borrower / Sponsor

New York State Thruway Authority

Program Areas

Project DeliveryProject FinanceP3TIFIARevenue - Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2014

Mode

Toll Bridge

Description

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

The New NY 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 - bus rapid transit, light rail, or commuter rail.

Cost

Project cost: $4.979 billion*

  • Contingency and Allowances - $686 million
  • Prior Development Costs -- 62 million**
  • Design-build contract - $3.142 billion
  • Oversight Engineer and project management costs - $133 million
  • Financing Costs--$956 million

TIFIA Eligible costs: $4.959 billion
*excludes $39 million in cash on hand
**includes $20 million of ineligible prior development costs

Funding Sources

TIFIA Loan - $1.6 billion

Thruway Capital Program - $42 million

Pay Go Revenue During Construction - $290 million

Toll Revenue Bonds and Notes- $3.047 billion

Project Delivery / Contract Method

Design-build

Private Partner

Design-builder: Tappan Zee Constructors, LLC

  • Fluor Enterprises, Inc.
  • American Bridge
  • Granite Construction Northeast, Inc.
  • Traylor Bros., Inc.
  • HDR

Project Advisors / 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.

Lenders

Bondholders, USDOT TIFIA

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 be completed in 2018.

TIFIA Credit Assistance

Direct loan: $1.6 billion

TIFIA will be repaid from NYSTA system revenues.

Financial Status

TIFIA credit agreement was executed on December 19, 2013

Financial close on senior debt occurred on December 18, 2013

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.

Related Links / Articles

NY State Thruway Project Website

Tappan Zee Constructors, LLC

Contacts

New York State Thruway Authority

(518) 436-2700

www.thruway.ny.gov

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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