new york – UrbanCincy

$1.6B partnership deal inked to replace Goethals Bridge

$1.6B partnership deal inked to replace Goethals Bridge.

Yet another multi-billion dollar bridge replacement project is advancing in the New York metropolitan area. A couple of weeks ago we shared how the Tappan Zee Bridge replacement project got a $1.6 billion federal loan. Now a $1.6 billion public-private partnership deal has been signed to fund, build and replace the Goethals Bridge, which like the Brent Spence Bridge, is consider “functionally obsolete.” Unlike the Brent Spence Bridge project, however, is the fact that the new Goethals Bridge will reserve space for future bus or light rail service. More from Staten Island Advance:

This public-private partnership was struck between the Port Authority of New York and New Jersey and NYNJ Link Partnership, a venture comprised of private companies Macquarie Infrastructure and Real Assets Inc., Kiewit Development and lead contractors Kiewit Infrastructure, Weeks Marine and Massman Construction…Through this partnership, the developers are responsible for designing, building, financing and maintaining the new bridge and demolishing the old one.

Brent Spence Bridge on the outside looking in as Tappan Zee Bridge replacement gets $1.6B DOT loan

Brent Spence Bridge on the outside looking in as Tappan Zee Bridge replacement gets $1.6B DOT loan.

Originally built during the Korean War, the Tappan Zee Bridge is in need of replacement. The structure is old and requires a number of upgrades – much like Cincinnati’s Brent Spence Bridge. The State of New York was in need of financial assistance to get the $4 billion project moving (sound familiar?). That assistance came last week when the Federal Government announced a $1.6 billion loan for the project, thus ensuring its completion within five years. More from Engineering News Record:

New York Gov. Andrew Cuomo (D) made the announcement Oct. 31, calling it “the largest loan the U.S. Dept. of Transportation has ever made for any project like this.”

The loan was made through the DOT’s Transportation Infrastructure Finance and Innovation Act (TIFIA) program. Established in 1998, TIFIA has ramped up its lending recently, spurred by last year’s Moving Ahead for Progress in the 21st Century Act (MAP-21). The DOT also began taking steps earlier this year to speed up the TIFIA loan approval process.