Astorino, Day, Seek Settlement Dollars for New Tappan Zee Bridge
The county executives of Westchester and Rockland urged Gov. Andrew Cuomo on Monday to set aside nearly 40 percent of state settlement funds from two banks for construction costs associated with the new Tappan Zee Bridge.
Using the construction site of the new span as a backdrop, Westchester County Executive Rob Astorino and Rockland County Executive Ed Day said that $1.95 billion of the $5.1 billion in settlements with BNP Paribas SA and Credit Suisse Group AG from economic and tax improprieties should be used to help cover roughly have the price tag.
Since the new Tappan Zee is expected to cost $3.9 billion, the county executives choose a number that represents 50 percent of the bridge’s projected costs.
“We’re willing to work with the governor on this,” Astorino said. “They don’t have any idea how they’re going to pay for this bridge.”
Day said he and Astorino have sent a letter to the governor about their proposal and Cuomo has told him “he’s considering it.”
Cuomo has not spelled out how the new bridge will be paid for, he said.
By using the $1.95 billion from the settlement, the new bridge’s toll could be held down to the current $5, Day said. The rest of the costs should be derived through tolls taken from the entire state Thruway system.
“The Tappan Zee Bridge serves a lynchpin for the entire system,” he said. “For years, 20 percent of the tolls collected at the Tappan Zee Bridge went to the Thruway budget.”
“This is something that I think is very logical. It’s well-thought out. Forty percent is a number that makes sense,” Astorino said. “This is a bridge that is vital to our economy in Westchester. It’s vital to the region.”
A large hike in the Tappan Zee Bridge toll–as high as $14 has been reported–would be harmful to the local economy, Day said.
“Any toll hike from these already high tolls will not only add commuting costs but will drive away substantial business from entities that provide more than 20 percent of all our sales tax revenues to our county,” Day said.
The remaining money in the $5.1 billion settlement should be set aside for other infrastructure projects, Astorino said.
