Designed to meet transportation needs of the Thruway's roads, bridges and the Canal System for 2002, it includes $93 million for bridge replacement and rehabilitation across the state. An additional $59.2 million will be dedicated to highway projects and $22.6 million to canal infrastructure and revitalization efforts. The remaining $25.5 million will be used to fund transportation technology systems and various economic development initiatives.

"These major infrastructure investments will help meet New York's future transportation needs and create hundreds of private sector construction jobs to help keep our economy growing," Pataki said yesterday.

Major new construction projects scheduled to begin in the New York City area this year include:

  • Painting the east deck trusses, fascias and first interior stringers of the causeway spans of the Tappan Zee Bridge. Cost: $20 million-$28 million.
  • Steel repairs at the Tappan Zee Bridge. Cost: $15 million-$20 million.
  • Resurfacing from milepost 38.7 to 45.0, between Exit 15 (Suffern) and Exit 16 (Harriman). Cost: $5 million-$8 million.

    In addition to meeting critical infrastructure needs, the capital plan ensures the superhighway's dependability and durability. Over 261 million vehicles traveled over 8.6 billion miles on the 641-mile Thruway last year.

"The Thruway is a critical economic lifeline for a large part of New York State," said Senate Majority Leader Joseph L. Bruno. "It is very important that we keep up with major capital improvements and other maintenance to ensure that it is in the best and safest condition possible."

Roughly 60% of this year's capital program expenditures will come from pay-as-you-go Thruway revenues, with the balance coming from low-interest bonds or notes made possible by the Authority's superior credit rating.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.