Richard Geddes, director of The Cornell Program in Infrastructure Policy, is a professor of policy analysis and management and author of “The Road to Renewal: Private Investment in U.S. Transportation Infrastructure.” He praises the recent federal approval of a Transportation Infrastructure Finance and Innovation Act loan to help finance the replacement of New York’s Tappan Zee Bridge, and calls for more innovative solutions to infrastructure needs nationwide.
Geddes says:
“The $1.6 billion TIFIA loan for the Tappan Zee Bridge replacement project represents a wise use of this federal credit facility. This is the largest loan in TIFIA’s history. The previous largest loan was $900 million for a project in Texas.
“TIFIA loans are meant to support projects of national and regional significance. It is hard to imagine a project the warrants this level of commitment more – or that better meets the regional and national significance criteria – than the new Tappan Zee Bridge. This loan will assist in the timely completion of this major project.
“Moving ahead, a critical focus must be on obtaining more funding for projects such as the new Tappan Zee Bridge. The country’s infrastructure is aging and deteriorating, and needs a substantial investment of new resources. Innovative policy approaches are necessary to ensure that those investments are made.”
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