Tappan Zee Bridge eco-study on fast track

President Barack Obama on Tuesday fast-tracked the environmental review process for a new Tappan Zee Bridge.

The new bridge would cost an estimated $5.2 billion, a Federal Department of Transportation spokeswoman said. The heavily used bridge over the Hudson River is one of 14 infrastructure projects approved by the Obama administration for expedited review.

"This is a shot in the arm for the project and a major step forward to restoring this key piece of our infrastructure and putting tens of thousands of New Yorkers back to work," Gov. Andrew M. Cuomo said in news release.

The project could be approved next year, with bidding beginning in August, according to the DOT.

While Cuomo's office declined to provide many details about the project, the federal Transportation Department offered information about its scope and financing.

The state had been considering several alternatives to replace or rehabilitate the mile-long, 1950s-era bridge that carried 24.5 million vehicles last year.

The federal government will be reviewing a proposed new bridge with eight lanes, as opposed to the seven on the current span. The current proposal doesn't include commuter rail to connect Rockland County to Grand Central Terminal, an option the state said in 2008 would increase costs by $6.7 billion.

Cuomo spokesman Joshua Vlasto said commuter rail could be added in the future.

The project could mean higher tolls on the bridge. Tolls would be used to pay off $3 billion of new bonds, according to the federal DOT. That's twice what the Thruway Authority already has in long and short-term debt.

"It would be likely that they would have to increase tolls to support $3 billion of additional debt," said Moody's Investors Service analyst Maria Matesanz.

The current cash toll on the bridge is $5 for most passenger cars.

The Port Authority recently backed off a steep toll increase on the George Washington Bridge after its announcement caused an uproar.

The state plans to finance the remaining $2.2 billion of the bridge's costs using labor union pension fund investments and federal loans, the federal DOT said.

It was unclear how that debt would be repaid. Cuomo spokesman Vlasto said various financing options were being considered but declined to provide details.