Shortly after 3 p.m. today, the three agencies in charge of the Tappan Zee Bridge/I-287 project released the preliminary financial report, which lays out the difficulties ahead but provides no solutions.

“There are no answers in this report – only a roadmap of the financial challenges ahead,” the 383-page financial plan states early on. It’s mostly made up of 11 case studies of large transportation projects.

The report is available at www.tzbsite.com under “Technical Documents.”

Project officials had warned weeks ago that the report would not contain the magic bullet explaining how the state would pay for the $16-billion project, which calls for building a new bridge, creating a high-speed bus network between Suffern and Port Chester and, eventually, a new commuter rail line across Rockland, over the new span and connecting to Metro-North Railroad’s Hudson line just south of Tarrytown.

The state Department of Transportation, state Thruway Authority and Metro-North are the project partners.

Tomorrow, Rockland County Legislative Chairwoman Harriet Cornell is hosting a summit on the future of the bridge and I-287 corridor (albeit with a Rockland focus). Expect the report to come up in the discussion.

In the meantime, here’s the full press release put out by the DOT:

Tappan Zee Project Preliminary Financial Report Released

Lays Groundwork for Future Funding Plans

ALBANY, NY (11/20/2008; 1455)(readMedia)—New York State Department of Transportation (NYSDOT) Commissioner Astrid C. Glynn, State Thruway Authority Executive Director Michael R. Fleischer and Metropolitan Transportation Authority Metro-North Railroad (MNR) President Howard Permut today released a preliminary financial report on the Tappan Zee Bridge/I-287 Corridor project.

The report, available at www.tzbsite.com , provides baseline information, case studies of large transportation projects and basic financial projections. It is a precursor to more detailed financial recommendations and plans that will be developed as part of the environmental impact statement for the project.

“The Tappan Zee Bridge and Interstate 287 corridor provide vital connections across the lower Hudson Valley and points beyond,” Commissioner Glynn said. “With this preliminary financial report, we have identified some of the challenges of paying for corridor improvements that will likely exceed traditional state and federal financing capabilities. The report also outlines some of the planning and financing steps that will be required to make this proposed project a reality.”

Thruway Authority Executive Director Michael R. Fleischer said, “After extensive public outreach and analysis, the Project Team has developed a preliminary financial study of the Tappan Zee Bridge/I-287 Corridor project, further illustrating the importance of early planning and the need to explore various potential funding options necessary to finance a transportation project of this magnitude. The Authority remains committed to carrying out its responsibility to safely maintain and operate the Tappan Zee Bridge while the process of finding the best transportation solution for the region continues.”

Metro-North President Howard Permut said, “This report is the culmination of a very thorough and detailed evaluation of recently financed transportation initiatives in the United States and around the world. The “Preliminary Financial Studies Phase I Report” is the first step in what is a very complicated but necessary process to identify viable financing sources and develop a funding strategy that will achieve the goal of improving the accessibility and mobility for the region.”

NYSDOT heads the three-agency team that in September recommended a complete replacement of the Tappan Zee Bridge in conjunction with developing bus rapid transit and commuter rail systems in the region. The Federal Highway Administration and the Federal Transit Administration are cooperating with the state on the proposed project’s environmental review.

The proposal calls for bus rapid transit along a 30-mile corridor across Westchester and Rockland counties in the lower Hudson Valley and over a new Tappan Zee Bridge. It also provides for the development of a commuter rail transit system across Rockland County and the new bridge to provide New York City commuters access to Grand Central Terminal.

Three public meetings were held last month about the recommendations. Public comments on the proposal are being accepted through December 1.

The report released today – “Preliminary Financial Studies, Phase 1 Report” – includes:

“Preliminary Financial Assessment Summary,” which provides an overview of the challenge of financing a transportation project of this magnitude. The summary does not provide answers, but illustrates the value of early planning and funding, staging project delivery as funding is made available, leveraging and maximizing traditional sources of funding and the necessity of openly exploring innovative sources of potential funding;

Case studies of a dozen large, recently financed, surface transportation projects, seven of them state sponsored, three federally supported and two located in other countries. The projects selected are similar to the Tappan Zee Bridge/I-287 project in context and complexity or were financed in whole or in part by some sort of public-private partnership;

“Federal Requirements for Financial Plans,” which outlines the Federal Highway Administration’s major project guidance and environmental assessment processes, both of which require detailed financial analysis for the project to advance;

“Assessment of Third-Party Approvals Required to Implement the Project,” which highlights the federal, state and other approvals that various project financing arrangements might require; and

“Analysis of Bond Resolutions and Covenants Associated with the Tappan Zee Bridge Project,” which describes the debt structure and bond covenants of the New York State Thruway, which owns and operates the Tappan Zee Bridge.