Cuomo's toll
Sep 19, 2018 | 2000 views | 0 0 comments | 185 185 recommendations | email to a friend | print
Dear Editor,

Now that the second span will open, motorists and taxpayers have more reason to be concerned regarding how Governor Andrew Cuomo will find several billion dollars to pay for construction of the new Mario Cuomo Tappan Zee Bridge.

There ain't no such thing as a free lunch, or in this case, construction of a bridge. Starting in 2020, someone has to pay.

The Citizens Budget Commission previously reported that tolls on the new bridge will likely increase from $5 to $10.50 after 2020.

Governor Cuomo made a cold political calculation by promising not to raise the tolls while running for another term in 2018 or president in 2020 (the world's worst kept secret).

To pay back the $1.6 billion federal loan and $1 billion New York Thruway Authority Bond, which helped finance the new $3.9 billion bridge, tolls will have to go up by double or more over several years.

The well-respected Moody's Investment Services previously estimated the tolls will go up to $7.60 by 2021 and $15 by 2026 for the Thruway Authority to be able to pay back the loan, bond and more in final payment claims by contractors.

It is a safe bet Cuomo will exit Albany leaving taxpayers and commuters to pay higher fares, taxes and tolls to cover his $4 billion tab.

Sincerely,

Larry Penner

Great Neck

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