Controversial Tappan Zee Loan Draws Independent Probe

The controversial loan to help pay for the Tappan Zee Bridge rebuilding project - money that came from the state’s clean water fund - is being reviewed by an independent state office, according to Capital New York.

Reporter Scott Waldman writes that the Authorities Budget Office is beginning to look into whether a state agency acted too quickly in approving the loan. The agency, the Environmental Facilities Corp., is a board that is largely made up of appointees of Gov. Andrew Cuomo, who supported the loan, according to Capital New York.

The loan has drawn criticism from some environmental groups and others, while also drawing support from some trade groups. At this point, the ABO is looking into the matter, but whether it decides to launch a full-scale investigation has not yet been determined.

“Our ask of them is not to scuttle the deal,” Peter Iwanowicz, executive director of Environmental Advocates of New York, told Capital New York. “Our ask is to investigate the fiduciary obligations of the EFC.”

Click here to read the full story on the Capital New York website.