The rebuilding of the Tappan Zee Bridge has been estimated up to $21 billion to bring it up to standards. The 56-year-old bridge “is functionally obsolete and will be structurally deficient,” said the Federal Highway Administration.
However, recently a bid of $5.2 billion has been accepted. President Barrack Obama sent the proposal through for quick federal approval of environmental and other permits. FHA said that those permits will be obtained within in the next year. The reduction of costs the bridge project incurred is coming from just focusing on the necessities of bringing the bridge up to current safety standards.
Tappan Zee project will be bringing new jobs to the New York and New Jersey area. The bridge plan will deliver at least 33,000 jobs for at least four years.
The bridge brings over 140,000 vehicles a day across the Hudson River. Deterioration has become a problem and has been costing the state up to a $100 million a year in upkeep.
No funds have been officially dedicated towards the project according to authorities. New York plans to pay most of the balance with the projected $3 billion revenue collected from tolls. New York also plans on tapping into labor pension funds, federal loans, and additional financial sources to fund the project.
In the past New York has sought after financial aid from New Jersey for this project, but at year’s end in 2010, Governor Chris Christie made a firm stance on it. If it wasn’t for what Gov. Christine said to former New York Gov. David Paterson to, “Stop screwing with us. You’re not going to come and pick our pockets. New Jersey is not going to permit it anymore.” Christie made it clear that New Jersey’s financial aid would be non-existent in this project.
According to Josh Vlasto, spokesperson for Gov. Andrew Cuomo, obtaining federal approvals while the project is still being finalized could save the state and project time and money. Cuomo is responsible for the attention to the project after proposing it to President Obama when he called for infrastructure projects that could produce jobs.
Governor Cuomo said, “Moving forward with the project is key to New York’s economic future.”