A state budget agreement includes Gov. Andrew Cuomo’s proposal to send $1.3 billion to the Thruway Authority, with about $900 million expected to go toward the Tappan Zee Bridge replacement project.
More details emerged Monday evening on Cuomo and legislative leaders’ plans for a $5.4 billion windfall from settlements with banks and insurers.
The two biggest pieces of settlement cash largely mirror what Cuomo proposed in January: A $1.5 billion competitive fund for economic development projects north of New York City, and the $1.3 billion for the Thruway Authority.
The bulk of the Thruway money — likely to be about $900 million — will go toward the Tappan Zee project.
The remaining money, expected to be around $400 million, will go toward other Thruway capital projects, which is meant to free up money to help avoid a toll hike on the 570-mile highway system for a year.
The economic development competition will be baked in to the existing Regional Economic Development Council program, as Cuomo outlined in a refined pitch earlier this month. Three regions north of New York City excluding Buffalo will each receive a $500 million prize for development projects, paid out in $100 million annual payments over five years.
The winning regions, however, would then be largely excluded from receiving much of the $700 million in existing Regional Economic Development Council grants and tax breaks awarded annually, which means the remaining 7 councils would also get a boost in funding.
(File photo by Ricky Flores / The Journal News)