To keep the ball rolling on building a new $3.9 billion Tappan Zee Bridge, the New York Thruway Authority will sell a $700 million bond anticipation note.
The Thruway board approved the note on Sept. 11, authority spokesman Dan Weiller said.
New York is building the bridge about 15 miles north of New York City over the Hudson River to replace the current Tappan Zee Bridge.
The new note will repay a $500 million note sold in February and which mature on Sept. 30. The remaining $200 million will be used to pay the design-builder Tappan Zee Constructors.
The new note will mature on Dec. 31.
The authority anticipates paying off the $700 million note with a Transportation Infrastructure Finance and Innovation Act loan.
Government sources have estimated the size of this TIFIA loan would be from $1.35 to $1.5 billion.
In April authority chief financial officer John Bryan said he expected the TIFIA loan to be closed by mid-July. The authority and the federal government are still negotiating the TIFIA loan, which would be the biggest TIFIA loan ever.
Approval of the TIFIA loan by October is possible, Weiller said. Soon after the approval, the authority would release the bridge’s finance plan, he continued.